| A | B |
|---|
| Overtime Pay | Calculated at regular rate time 1 1/2 |
| Take Home Pay | Net Pay |
| Amount earned before taxes | Gross Pay |
| Annual Salary | Amount paid each year |
| Voluntary Compliance | What our tax system is based on |
| Dependent | A person living with you receiving half of living expenses from you |
| Tax Evasion | Crime of not paying your taxes |
| Standard Deduction | Set amount the government gives you |
| Itemized Deductions | Individual deductions you claim that add up to more than the standard |
| Taxable Income | Wages, tips, slaries, alimony |
| Non-Taxable Income | Child Support, Inheritance, Gifts |
| Sales Tax | A Regressive Tax |
| Income Tax | A Progressive Tax |
| Property Tax | A Proportional Tax |
| Deadline for filing Income Tax | April 15 |
| Budget | A plan to match expected income with expected expenses |
| Fixed Expenses | Locked in expense usually monthly |
| Variable Expenses | Expenses where the amounts are different each month |
| Assets | Things of value that you own |
| Liabilities | Debts you owe to others |
