Fichas
Consumer Econ
Fichas del conjunto (25)
- 11099 AB1A 1099 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. (Savings account, lottery, etc)
- 2W2 AB2A W2 is the form that an employer must send to an employee and the Internal Revenue Service (IRS) at the end at the end of the year that includes the employee's wages.
- 3Mandatory Deduction AB3The 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.
- 4Gross pay AB4Gross pay is the entire amount of your income or paycheck before any deductions - like taxes or insurance payments - are subtracted
- 5FICA AB5FICA is a payroll tax. FICA stands for Federal Insurance Contributions Act (FICA) tax. This tax is used to fund medicare and social security
- 6Expenditures AB6Expenditures is the act of spending funds
- 7Fixed expenses AB7Fixed expenses are expenses that stay basically the same from month to month, such as rent, transportation, and tuition.
- 8Financial well being AB8Financial well being is defined as having financial security and financial freedom of choice, in the present and in the future.
- 9Federal withholding tax AB9Federal withholding tax is the amount required by law for employers to withhold from earned wages to pay taxes.
- 10Commission AB10Commission is a percentage or amount of profit given to an employee in exchange for making a sale
- 11City withholding tax AB11City withholding tax is a percent deducted from individual’s paycheck to assist in funding government agencies within a city.
- 12Direct Deposit AB12Direct deposit is an automatic deposit of net pay to an employee's bank account
- 13Long Term Goal AB13A Long Term Goal is a goal you expect to achieve in five or more years
- 14Medicare AB14Medicare is a federal government insurance program designed to provide healthcare coverage for people 65 or older, certain disabled people, and people certain chronic diseases
- 15Periodic Expenses AB15Periodic Expenses are expenses that happen occasionally throughout the year, but not a fixed amount that occur each month. (e.g. car repair, holiday gifts)
- 16Reconciliation AB16a report that accounts for all the differences between a bank statement and personal records (recommend to be done monthly)
- 17Salary AB17the minimum annual money received or the standard salary which an employee receives for doing a specific job includes a bonus or extra incentives.
- 18Self employed AB18working 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)
- 19Standard of living AB19degree to which one has the ability to obtain the goods and services one needs and wants.
- 20Voluntary deduction AB20deductions 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)
- 21State tax AB21is used by the state government to fund state and local programs
- 22Social Security AB22this tax is taken to provide support for retirement income and disability benefits. 6.2% of an employee’s gross income.
- 23W4 AB23(Employee’s Withholding Allowance Certificate)The form that determines the percentage of an employee’s pay that will be withheld for federal taxes
- 24Values AB24an individual’s beliefs about what is important, desirable, and worthwhile, which often influence decisions.
- 25Union dues AB25are regular required payments of money made by it’s members. dues cover various activities which the union engages in.
Información
- Descripción
- Fichas sobre Consumer Econ, creado por Ashton Beason el 22/08/2022.
- Creado por
- Ashton Beason
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