A Tale of Taxe$

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  • Hey girl whats poppin'?
  • I'm learning about income and expense taxes and statements!
  • The only thing I know about personal finance is that an expense is money spent. What exactly is that?
  • It lists and summarizes income and expense transactions that have taken place over a period of time.
  • Does that have anything to do with net income?
  • Not exactly. Income is also known as money received. Net income is defined as take home pay. There are also net gains and net losses.
  • Net gains occur when income is greater than expenses. Net losses occur when expenses are greater than the income that you are receiving.
  • Thanks for teaching me all this stuff about personal finance! Is there anything else I need to know?
  • There is only a few more terms you need to know to help you in the future. Gross income is an individual's income earned as salary or wages before taxes and other deductions. Insurance is a product that transfers risk from an individual to an insurance company or organization.
  • Last but not least, mortgage is a payment that is applied to the balance of a home loan used when purchasing housing... even though you live in a tree!
  • All I wanted to do was get her number....
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