Withholdings and deductions are expenses that are taken out of your paycheck

The money you earn hourly for your time and effort at work is called your income tax.

Net income is also called your discretionary spending.

Taxes are fees charged by the government to fund government expenses.

Everyone who works has to pay ...

You will feel the impact of taxes by what you earn and what you save.

Gross income is the amount you earn before taxes and other payroll deductions

A payroll deduction is your car note.

Net income is what a person earns after payroll taxes and other deductions are taken out.

Withholdings are the portion of an employee's pay held back to cover taxes and other deductions.

Fiscal year is a one year period that governments or companies use for financial reporting.

National debt in the total amount of debt a country owes to companies and other countries as a result of deficit spending.

Deficit spending is spending less than you earn.