Flashcards
Chapter 1 Econ. Flashcards
Cards in this deck (43)
- 11 1099 ZJIt is on the IRS tax forms used to prepare and file an information return to report various types of income other than wages, salaries, and tips. (saving accounts, lottery, etc.
- 22 Budget/Spending Plan ZJA paper or an electronic document used to recor planned and actual income through expenditures over a period of time
- 33 Checking account ZJCash deposited into an account to make future cash purchases or withdraws. Cash purchases can be made by debit card,check, or an electronic transfser, and cash can be withdrawn using a debit card or ATM.
- 44 City withholding tax ZJA percentage or amount of profit is given to an employee in exchange for making a sale
- 55 Commission ZJIt is a percentage or amount of profit given to an employee in exchange for making a sale
- 66 Deduction ZJIt is an amount of money withheld from the gross pay for taxes, medical benefits, union dues etc.
- 78 Dependent ZJIt is an individual who relies on someone else for finical support, such as a child, a spouse, or an elderly parent
- 89 Direct Deposit ZJAn automatic deposit of net pay to an employees bank account
- 910 Expenditures ZJIt is the action of spending funds
- 1011 Federal withholding tax ZJThe amount required by law for employers to withhold from earned wages to pay
- 1112 FICA ZJA payroll tax. FICA stands for federal insurance contributions act tax, and they use this tax for funding medicare and social security
- 1213 Financial well being ZJThe defied as having finical security and financial freedom of choice in the present and in the future
- 1314 Fixed expense ZJAn expenses that stay basically the same from month to month such as rent,transportation's,and tuition
- 1415 Flexible/ variable expense ZJIt is spending that changes from month to month, that you have control over
- 1516 Garnishments ZJA court ordered method of debit collection in which a portion of a persons salary is paid to be creditor
- 1617 Gross Domestic Product ZJIt measures the value of all goods and services produced by a nation during or insurance payments are subtracted
- 1718 Gross Pay ZJIt is the entire amount of your income or paycheck before any deductions, like taxes or insurance payments are subtracted
- 1819 IRS ZJThe U.S government agency responsible for tax collection and tax aw enforcement and it includes tax forms, instructions, and agency publications
- 1920 Long Term goal ZJIt is a good goal that you except to achieve in 5 or more years
- 2021 Mandatory Deduction ZJThe employer is required by federal and or state law to deduct certain amount of the employed pay and send it to an institution or governmental agency for the purpose of satisfying the employees debt or contribution to the employees retirement account or tax withholding
- 2122 Medicare ZJIt is a federal government insurance program and is designed to provide healthcare coverage for people under 65 or older, certain disabled people. and people certain chronic diseases
- 2223 Medium Term Goal ZJIt takes 1-3 years to archive
- 2324 Next Pay ZJThe amount of money left over after all deductions have been taken away from the gross pay a pay earned in a pay period
- 2425 Pay Period ZJThe length of time for which employees wages are calculated, most are weekly or bi weekly, twice a month or monthly
- 2526 Periodic Expenses ZJExpenses that happen occasionally throughout the year, but not a fixed amount that occurs each month. example car repairs,holiday gifts, etc
- 2627 Prioritize ZJTo arrange or deal with in order of importance
- 2728 Reconciliation ZJA report that accounts for all the diffrences between a bank statement and personal records recommended to be done monthly
- 2829 Resources ZJThings or people that will help you reach your goal
- 2930 Retirement Deduction ZJThe amount an employee contributes for the retirement plan each pay period; it may be matched by the employer
- 3031 Salary ZJThe minimum annual money receive or the standard salary which an employee receives for doing a specific job includes a bonus or extra incentives
- 3132 Savings account ZJAn account in a bank or credit union that pays interests on your balance-though some institutions require that you have at least a minimum amount in the account to qualify for earnings
- 3233 Self Employed ZJWorking for oneself or the owner of a business rather than for an employer, it is required to pay self employment tax including medicare and social security tax
- 3334 Short Term ZJA goal you expect to achieve in one year or less
- 3435 Social Security ZJThis tax is taken to provide support for retirement income and disables benefits. 6.2% of an employees gross income
- 3536 Standard of Living ZJDegree to which one has the ability to obtain the goods and service needs and wants
- 3637 State Tax ZJIt is used by the state government to fund state and local programs
- 3738 To be goals ZJAre related to personality and character and examples are to be smart popular and relaxed
- 3839 To do Goals ZJCovers the endless list of thing you might want to acomplish
- 3940 Union Dues ZJAre regular required payments of money made by its members, dues cover various activities which the union engages in
- 4041 Values ZJAn individuals beliefs about what is important desirable, and worthwhile, which often influence decisions
- 4142 Voluntary Deduction ZJDeductions from wages that are withheld from an emloyees paycheck that are optional such as child care express, optional vision insurance, gym membership, union dues, etc
- 4243 W2 ZJIs the form that an employer must send to an employee and the internal revenue services IRS at the end of the year that includes the employees wages
- 4344 W4 ZJEmployees withholding allowance certificate, the form tat determines the percentage of an employees pay that will be withheld for federal taxes
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- Flashcards on Chapter 1 Econ. Flashcards, created by Zoe Johnson on 22/08/2022.
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- Zoe Johnson
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