Karteikarten
Unit 1-Econ
Karten in diesem Stapel (25)
- 1Budget/Spending Plan 1 PCA paper or electronic document used to record planned and a income through expenditures over a period of time.
- 2W4 2 PC(Employee's Withholding Allowance Certificate) The form that determines the percentage of an employee's pay that will be withheld for federal taxes.
- 3W2 3 PCIs 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.
- 4Voluntary Deduction 4 PCDeductions from wages that are withheld from an employee paycheck that are optional such as child care expenses, option vision insurance, membership, union dues, etc.
- 5FICA 5 PCA payroll tax. FICA stands for Federal Insurance Contributions Act (FICA) tax. This tax is used to fund Medicare and Social Security.
- 6Garnishments 6 PCA court-ordered method of debt collection in which a portion of a person salary is paid to a creditor.
- 7IRS 7 PCThe US government agency responsible for a tax collection and tax law enforcement. Includes income tax forms, instructions, and agency publications.
- 8Gross Domestic Product 8 PCMeasures of the values of all goods and services produced by a nation during a specified period of time.
- 9Gross Pay 9 PCThe entire amount of your income or paycheck before any deductions like taxes or insurance payments are subtracted.
- 10Reconciliation 10 PCA report that accounts for all the differences between a bank statement and personal records (recommend to be done monthly).
- 11Expenditures 11 PCThe action of spending funds.
- 12Federal Withholding Tax 12 PCThe amount required by law for employers to withhold from earned wages to pay taxes.
- 13Mandatory Deduction 13 PCThe 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.
- 14Periodic Expenses 14 PCExpenses that happen occasionally throughout the year, but not a fixed amount that occur each month like car repair, holiday gifts.
- 15Social Security 15 PCThis tax is taken to provide support for retirement income and disability benefits. 6.2% of an employee’s gross income.
- 16Pay Period 16 PCIs the length of time for which an employee’s wages are calculated. Most are weekly, bi-weekly, twice a month, or monthly.
- 17Flexible/Variable Expense 17 PCSpending that changes from month to month, that you have control over.
- 18Fixed Expense 18 PCExpenses that stay basically the same from month to month, such as rent, transportation, and tuition.
- 19Commission 19 PCIs a percentage or amount of profit given to an employee in exchange for making a sale
- 20Checking Account 20 PCCash deposited into an account to make future cash purchases or withdraws. Cash purchases can be made by debit card, check, or electronic transfer. Cash can be withdrawn using a debit card or ATM.
- 21Medicare 21 PCIs a federal government insurance program designed to provide healthcare coverage for people 65 or older, certain disabled people, and people certain chronic diseases
- 22Savings account 22 PCAn 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
- 23Retirement Deduction 23 PCThe amount an employee contributes for the retirement plan each pay period; it may be matched by the employer.
- 24State Tax 24 PCIs used by the state government to fund state and local programs.
- 25Net pay 25 PCThe amount of money left over after all deductions have been taken from the gross pay earned in a pay period.
Informationen
- Beschreibung
- Karteikarten am Unit 1-Econ, erstellt von Paityn Corthell am 22/08/2022.
- Erstellt von
- Paityn Corthell
- Aufrufe
- 1
- Bewertung
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