ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Gross income
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Net income
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Income tax
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Property tax
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Detailed explanation-1: -Wage garnishment is a legal procedure in which a person’s earnings are required by court order to be withheld by an employer for the payment of a debt such as child support.
Detailed explanation-2: -The AGI calculation is relatively straightforward. It is equal to the total income you report that’s subject to income tax-such as earnings from your job, self-employment, dividends and interest from a bank account-minus specific deductions, or “adjustments” that you’re eligible to take.
Detailed explanation-3: -How to calculate annual income. To calculate an annual salary, multiply the gross pay (before tax deductions) by the number of pay periods per year. For example, if an employee earns $1, 500 per week, the individual’s annual income would be 1, 500 x 52 = $78, 000.
Detailed explanation-4: -Simply stated, it’s three steps. You’ll need to know your filing status, add up all of your sources of income and then subtract any deductions to find your taxable income amount.