Taxes and Trackers

Level 4: Gross Income vs. Net Income

Gross vs. Net Income

The total amount you earned before any deductions are taken out.

$500

Total Revenue

The actual profit you keep after taxes and expenses.

$385

Take-Home Pay

When you work for yourself, you are the employer and the employee.

15%

Recommended Rule of Thumb:

Set aside 15 cents of every dollar you earn so you aren't surprised at tax time.

When did the work happen?

Who was the customer and what did you do?

Was it money IN (Revenue) or money OUT (Expense)?

A business is only as successful as its records!

You are about to process a "Mock Month" of business. Watch your math carefully—the Tax Collector is coming!

Open: Business Ledger Worksheet