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Gross Pay
Income earned before payroll deductions
Net Pay
Income earned after payroll deductions
FICA
Medicare and Social Security
Payroll deductions
Federal Income tax, State Income Tax, 401 K
Variable Expense
expenses that can change month to month
Entertainment expenses
Medical Bills
Credit Card Expenses
Fixed Expenses
Expenses that stay the same month to month
Automobile Loan
Student Loan
Asset
Joe DiMaggio Rookie baseball card
Real Estate
Liquid Asset
Checking Account
Cash
Current Liability
you owe a friend $20
Medical Bill
Credit Card Balance
Long Term Liability
Mortgage
Car Loan
Insolvency
Occurs when liabilities are greater than assets
Net worth
Total Assets - Total Liabilities
Net Cash Flow
Inflows - Outflows
Monthly Net Income
Monthly Gross Income - Payroll deductions
Note
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