Karteikarten
Unit 1 Vocab
Karten in diesem Stapel (25)
- 1Budget/Spending Plan 1KDa paper or electronic document used to record planned and actual income through expenditures over a period of time
- 2Checking account 2KDcash 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 Cash can be withdrawn using a debit card or ATM.
- 3City withholding tax 3KDa percent deducted from individual’s paycheck to assist in funding government agencies within a city.
- 4Commission 4KDis a percentage or amount of profit given to an employee in exchange for making a sale
- 5Deduction 5KDis an amount of money withheld from the gross pay for taxes, medical benefits, union dues, etc.
- 6Direct deposit 6KDautomatic deposit of net pay to an employee’s bank account.
- 7FICA 7KDa payroll tax. FICA stands for Federal Insurance Contributions Act (FICA) tax. This tax is used to fund Medicare and Social Security
- 8Garnishments 8KDa court-ordered method of debt collection in which a portion of a person's salary is paid to a creditor.
- 9Gross Domestic Product 9KDMeasures of the value of all goods and services produced by a nation during a specified period of time.
- 10IRS 10KDThe U.S. government agency responsible for tax collection and tax law enforcement. Includes income tax forms, instructions, and agency publications.
- 11Mandatory deduction 11KDThe 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.
- 12Medicare 12KD-is a federal government insurance program designed to provide healthcare coverage for people 65 or older, certain disabled people, and people certain chronic diseases
- 13Pay period 13KDis the length of time for which an employee’s wages are calculated. Most are weekly, bi-weekly, twice a month, or monthly.
- 14Periodic Expenses 14KDexpenses that happen occasionally throughout the year, but not a fixed amount that occur each month. (e.g. car repair, holiday gifts)
- 15Reconciliation 15KDa report that accounts for all the differences between a bank statement and personal records (recommend to be done monthly)
- 16Savings account 16KDan 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
- 17Social Security 17KDthis tax is taken to provide support for retirement income and disability benefits. 6.2% of an employee’s gross income.
- 18Union dues 18KDare regular required payments of money made by it’s members. dues cover various activities which the union engages in.
- 19Voluntary deduction: 19KDdeductions 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)
- 20W2 20KDis 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.
- 21W4 21KD(Employee’s Withholding Allowance Certificate)The form that determines the percentage of an employee’s pay that will be withheld for federal taxes
- 22Self employed- 22KDworking 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)
- 23Salary 23KDthe minimum annual money received or the standard salary which an employee receives for doing a specific job includes a bonus or extra incentives.
- 24Federal withholding tax 24KDthe amount required by law for employers to withhold from earned wages to pay taxes.
- 25Expenditures- 25KDthe action of spending funds
Informationen
- Beschreibung
- 11th grade consumer economics Karteikarten am Unit 1 Vocab, erstellt von Kara Dykes am 03/01/2022.
- Erstellt von
- Kara Dykes
- Aufrufe
- 2
- Bewertung
Mehr zu Budgeting and Paycheck Deductions