Karteikarten
Unit 1 Vocab
Karten in diesem Stapel (25)
- 11099 1 MLis 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 Cash 2 MLa percent deducted from individual’s paycheck to assist in funding government agencies within a city.
- 3commission 3 MLis a percentage or amount of profit given to an employee in exchange for making a sale
- 4Direct Deposite 4 MLautomatic deposit of net pay to an employee’s bank account.
- 5Expenditures 5 MLthe action of spending funds
- 6FICA 6 MLa payroll tax. FICA stands for Federal Insurance Contributions Act (FICA) tax. This tax is used to fund Medicare and Social Security
- 7Garnishments 7 MLa court-ordered method of debt collection in which a portion of a person's salary is paid to a creditor.
- 8Gross Domestic Product 8 MLMeasures of the value of all goods and services produced by a nation during a specified period of time.
- 9IRS 9 MLThe U.S. government agency responsible for tax collection and tax law enforcement. Includes income tax forms, instructions, and agency publications.
- 10Mandatory deduction 10 MLThe 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.
- 11Net pay 11 MLthe amount of money left over after all deductions have been taken from the gross pay earned in a pay period.
- 12Periodic Expenses 12 MLexpenses that happen occasionally throughout the year, but not a fixed amount that occur each month. (e.g. car repair, holiday gifts)
- 13Reconciliation 13 MLa report that accounts for all the differences between a bank statement and personal records (recommend to be done monthly)
- 14Social Security 14 MLthis tax is taken to provide support for retirement income and disability benefits. 6.2% of an employee’s gross income.
- 15Standard of living 15 MLdegree to which one has the ability to obtain the goods and services one needs and wants.
- 16State tax 16 MLis used by the state government to fund state and local programs
- 17Union dues 17 MLare regular required payments of money made by it’s members. dues cover various activities which the union engages in.
- 18Voluntary deduction 18 MLdeductions 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)
- 19W2 19 MLis 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.
- 20W4 20 ML(Employee’s Withholding Allowance Certificate)The form that determines the percentage of an employee’s pay that will be withheld for federal taxes
- 21Savings account 21 MLan 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
- 22Salary 22 MLthe minimum annual money received or the standard salary which an employee receives for doing a specific job includes a bonus or extra incentives.
- 23Federal withholding tax 23 MLthe amount required by law for employers to withhold from earned wages to pay taxes.
- 24Financial well being 24 MLis defined as having financial security and financial freedom of choice, in the present and in the future.
- 25Flexible/variable expense 25 MLspending that changes from month to month, that you have control over.
Informationen
- Beschreibung
- Karteikarten am Unit 1 Vocab, erstellt von Madalynn Lloyd am 22/08/2022.
- Erstellt von
- Madalynn Lloyd
- Aufrufe
- 1
- Bewertung