Property Tax - Taxes paid based on the value of land or a building. These taxes pay for local services such as schools, fire and police departments, and local government agencies., Income Tax - Federal taxes taken from an employee’s payroll paid to the United States government (IRS). These taxes pay for roads, police protection and other government angencies., Payroll Tax - Taxes an employer withholds from an employee’s paycheck (deductions). Some of these taxes go to the federal government to pay for roads, police protection, etc. Some of these taxes are for protection, etc. Some of these taxes are for medical care and retirement., Sales Tax - The money added to the cost of items and services. It is usually paid when an item is purchased. These taxes are paid to a city or state government to pay for roads and other local services., Salary - The amount of income or wages you earn for working., Gross Income - The total income or wages before payroll taxes and deductions are taken out of an employee's paycheck., Net Income - The amount of income or wages that are left after payroll taxes and other deductions are taken out of an employee's paycheck., Deductions - The money taken out of an employee’s paycheck or wages for payroll taxes and other expenses such as healthcare, retirement, etc.,

Personal Financial Literacy

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