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6 Cards in this Set
- Front
- Back
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Public Service |
A service which is provided by government to people living within its jurisdiction. Most people believe that certain services should be available to all, regardless of income. Public school education, roads, and social programs are a few examples of public services. |
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Taxes |
A contribution made by people to fund the public services provided by the government such as transport, education or health services.
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Income Tax
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A government tax imposed on individuals or businesses (taxpayers) that vary with the income or profits (taxable income) of the taxpayer. It’s essentially the cost of making money in a place. It is the government’s leading source of revenue. |
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Gross income
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The total amount a worker is paid before any required or voluntary deductions are made. |
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Net income
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Also called “take home pay,” is the amount a person receives when he cashes or deposits his check. It is the remaining amount after deductions are withheld.
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Withholding
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The taxes that are taken out each pay period and listed on your W2 form. |
