Attention: Money 101 will no longer be available after May 31, 2021. After that time the Enrich financial literacy tool will be available at https://cwdc.enrich.org moving forward.

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Income - Head Matters

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Summary


Income is a very broad term that encompasses all types of compensation from your employer in exchange for the work you do for them.

In this section you identified terms like gross income, net pay, earned income, and taxed or untaxed income which are all pieces of the general income term. This unit also gave explanations on how you can find ways to increase your income or decrease your expenses to fit your budget needs. One of the main objectives of this unit was to introduce the idea that more education has a direct correlation with an increase in your income - this is a long term solution with significant positive outcomes. However, in some cases the immediate need for increased income can be met by finding more than one job or taking several part-time activities. As explained in the unit, attached to the idea of income are the deductions from the pay check that can come in the form of federal or state taxes, retirement funds, health insurance, donations, or other investment opportunities. However, the government also offers tax cuts and credits that could benefit an individual and a family in many cases. Eventually, if you decide to follow the ideas presented in this curriculum, you may find yourself with extra funds every month to put aside for future expenses. 

The last step to complete the Income Head Matters section is to test your knowledge with a quiz. Just click "Next" to begin your quiz.
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