Money received for work performed; may include salary, wages, tips, professional fees, commissions, etc.

1. Money received for work performed; may include salary, wages, tips, professional fees, commissions, etc.

2. Earned income

3. A purposeful course of action or purpose in life that generally provides income

4. Career

5. The health, education, experience, training, skills and values of people. Also known as human resources

6. Human capital investment

7. Payments earned by households for selling or renting their productive resources. May include salaries, wages, interest, and dividends

8. Income

9. A piece of work usually done on order at an agreed-upon rate. Also a paid position of regular employment.

10. Job

11. Legal allowances that reduce the amount of income taxes subtracted from your gross income

12. Exemptions

13. Anything subtracted from your gross income

14. Deductions

15. Wages or salary before deductions for taxes and other purposes

16. Gross income

17. Commonly called “take home pay”; it is your income after all deductions and exemptions

18. Net income

19. A federal government program that provides retirement, survivor’s and disability benefits, funded by a tax on income, which appears on workers’ pay stubs as a deduction labeled FICA (Federal Insurance Contributions Act, the enabling legislation)

20. Social security

21. The belief that people should be taxed according to their ability to pay, regardless of the benefits they receive. The U.S. individual income tax is based on this principle.

22. Ability to pay

23. The belief that people should be taxed according to the benefits they receive from the good or service the tax supports. The gasoline tax is an example.

24. Benefits-received principle

25. One who enjoys the benefits of a good or service without paying for it

26. Free rider

27. The quality and quantity of goods and services available to people, and the way these goods and services are distributed within a country.

28. Standard of living

29. A system that relies on individual citizens to report their income freely and voluntarily, calculate their tax liability correctly, and file a tax return on time, according to the rules established by the Internal Revenue Service

30. Voluntary compliance

31. An electronic machine that bank customers and credit union members can use to withdraw cash and make other financial transactions

32. ATM (automatic teller machine)

33. The deposit of wages or other income directly into a customer’s bank account

34. Automatic deposit and payment

35. A state or federally chartered, for-profit business owned by stockholders that provides savings accounts, checking accounts and other financial services to its customers

36. Bank

37. An institution that cashes checks immediately for a fee

38. Check cashing services

39. A bank or credit union account that allows withdrawals by writing a check

40. Checking account

41. A plastic card authorizing the delivery of goods and services in exchange for future payment with interest

42. Credit card

43. A state or federally chartered, not-for-profit financial cooperative that provides financial services to its member-owners who have met specific requirements

44. Credit union

45. A plastic card used to deduct a purchase amount directly from your checking account; also called a check card

46. Debit card

47. The different kinds of services provided by financial institutions such as banks, credit unions, insurance companies, and other similar businesses

48. Financial services

49. Any business providing financial services

50. Financial institution