Income Tax - is the money paid to federal and/or state governments based on an individual’s income as required by law. Texas does not collect state income tax., Payroll Tax - is the amount of money that a company withholds from its employees for the federal government as required by law, Sales Tax - is the amount of money collected by a store (retailer), in addition to a good or service that was purchased, for the local government as required by law., Property Tax - is the amount of money collected on the value of a property for the local government as required by law., Income - Money earned from working, Payroll - This how your job knows how much to pay the staff, Property - It is land you own (house, building, etc), Gross Income - is the total amount of money a person receives before any deductions or allowances are taken out., Net Income - the total amount of money a person or company receives after deductions or allowances are taken out. This is also referred to as take home pay, Deductions - is money taken out of your check, Types of Gross Income Deductions - Federal/state income tax  Social Security  Health insurance  Medicare  Retirement,

G5 Unit 3 Personal Financial Literacy

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