Karteikarten
econ unit 1 flashcards
Karten in diesem Stapel (25)
- 11099 h.c. 1is on of the IRS tax forms used to prepare and file an information return to report various types of income other than wages, salaries, and tips. (savings accounts, lottery, etc)
- 2city withholding tax h.c. 2a percent deducted from an individual’s paycheck to assist in funding government agencies within a city.
- 3expenditures h.c. 3the action of spending funds
- 4federal withholding tax h.c. 4the amount required by law for employers to withhold from earned wages to pay taxes.
- 5F.I.C.A. h.c. 5a payroll tax. FICA stands for Federal Insurance Contributions Act (FICA) tax. this tax is used to fund Medicare and Social Security
- 6financial well being h.c. 6is defined as having financial security and financial freedom of choice, in the present and in the future.
- 7garnishments h.c. 7a court-ordered method of debt collection in which a portion of a person's salary is paid to a creditor.
- 8gross domestic product h.c. 8Measures of the value of all goods and services produced by a nation during a specified period of time.
- 9mandatory deduction h.c. 9the employer is required by federal and/or state law to deduct a certain amount of the employee's pay and send it to an institution or governmental agency for the purpose of satisfying the employee's debt, or contribution to the employee's retirement account, or tax withholding.
- 10medium-term goal h.c. 10takes 1 to 3 years to achieve.
- 11periodic expenses h.c. 11expenses that happen occasionally throughout the year, but not a fixed amount that occurs each month. (e.g. car repair, holiday gifts)
- 12reconciliation h.c. 12a report that accounts for all the differences between a bank statement and personal records (recommend to be done monthly)
- 13retirement deduction h.c. 13the amount an employee contributes for the retirement plan each pay period; it may be matched by the employer.
- 14social security h.c. 14this tax is taken to provide support for retirement income and disability benefits. 6.2% of an employee’s gross income.
- 15standard of living h.c. 15degree to which one has the ability to obtain the goods and services one needs and wants.
- 16to be goals h.c. 16are related to personality and character. (examples: be smart, popular, relaxed, etc)
- 17to do goals h.c. 17covers the endless list of things you might want to accomplish.
- 18union dues h.c. 18are regular required payments of money made by its members. dues cover various activities which the union engages in.
- 19values h.c. 19an individual’s beliefs about what is important, desirable, and worthwhile, which often influence decisions.
- 20voluntary deduction h.c. 20deductions from wages that are withheld from an employee's paycheck that are optional such (child care expenses, optional vision insurance, gym membership, union dues, etc)
- 21w2 h.c. 21is the form that an employer must send to an employee and the Internal Revenue Service (IRS) at the end of the year that includes the employee's wages.
- 22w4 h.c. 22(Employee’s Withholding Allowance Certificate)The form that determines the percentage of an employee’s pay that will be withheld for federal taxes
- 23state tax h.c. 23is used by the state government to fund state and local programs
- 24self-employed h.c. 24working for oneself or the owner of a business rather than for an employer. Required to pay self-employment tax (including Medicare and Social Security Tax)
- 25savings account h.c. 25an account in a bank or credit union that pays interest on your balance—though some institutions require that you have at least a minimum amount in the account to qualify for earnings
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- Karteikarten am econ unit 1 flashcards, erstellt von Hudson Capito am 03/01/2022.
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