Taxes - Required Payments to a Government, Income Tax - A portion of one's personal income paid to a government, Social Security - A social insurance system that provides benefits to most Americans who are retired, sick, or too disabled to work, and to families of workers who have died, Medicare - A social insurance program that extends health coverage to almost all Americans ages 65 and over., Gross Annual Income (GAI) - Total pay or earnings made over a one-year period before any deductions have been taken., Gross Monthly Income (GMI) - Total amount of earnings made over a month before any deductions (1/12 of GAI), Net Annual Income (NAI) - Income amount remaining after a year's worth of deductions have been taken, Net Monthly Income (NMI) - Amount of monthly income remaining after all deductions have been taken (sometimes referred to as take-home pay),

Income and Paycheck Vocabulary

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