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Unit 1 vocab
Fichas del conjunto (26)
- 1Checking Account SW 1Cash 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 Cash can be withdrawn using a debit card or ATM.
1 - 2City withholding tax SW 2A percent deducted from individual’s paycheck to assist in funding government agencies within a city.
2 - 3Commission SW 3Is a percentage or amount of profit given to an employee in exchange for making a sale
3 - 4Deduction SW 4Individual who relies on someone else for financial support, such a child, a spouse, or elderly parent.
4 - 5Direct Deposit SW 5Automatic deposit of net pay to an employee’s bank account.
5 - 6Expenditures SW 6The action of spending funds
6 - 7Federal Withholding Tax SW 7The amount required by law for employers to withhold from earned wages to pay taxes.
7 - 8FICA SW 8A payroll tax. FICA stands for Federal Insurance Contributions Act (FICA) tax. This tax is used to fund Medicare and Social Security
8 - 9Fixed Expense SW 9Expenses that stay basically the same from month to month, such as rent, transportation, and tuition.
9 - 10Flexible/variable expense SW 10Spending that changes from month to month, that you have control over.
10 - 11Garnishments SW 10A court-ordered method of debt collection in which a portion of a person's salary is paid to a creditor.
10 - 12Gross Domestic Product SW 11Measures of the value of all goods and services produced by a nation during a specified period of time.
11 - 13Gross Pay SW 12the entire amount of your income or paycheck before any deductions – like taxes or insurance payments – are subtracted
12 - 14IRS SW 13The U.S. government agency responsible for tax collection and tax law enforcement. Includes income tax forms, instructions, and agency publications.
13 - 15Mandatory Deduction SW 14The 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.
14 - 16Net Pay SW 15The amount of money left over after all deductions have been taken from the gross pay earned in a pay period.
15 - 17Pay Period SW 16Is the length of time for which an employee’s wages are calculated. Most are weekly, bi-weekly, twice a month, or monthly.
16 - 18Periodic Expenses SW 17Expenses that happen occasionally throughout the year, but not a fixed amount that occur each month. (e.g. car repair, holiday gifts)
17 - 19Reconciliation SW 18A report that accounts for all the differences between a bank statement and personal records (recommend to be done monthly)
18 - 20Retirement Deduction SW 19The amount an employee contributes for the retirement plan each pay period; it may be matched by the employer.
19 - 21Savings Account SW 20An 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
20 - 22Social Security SW 21This tax is taken to provide support for retirement income and disability benefits. 6.2% of an employee’s gross income.
21 - 23Union Dues SW 22Are regular required payments of money made by it’s members. dues cover various activities which the union engages in.
22 - 24W2 SW 23Is 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.
23 - 25W4 SW 24(Employee’s Withholding Allowance Certificate)The form that determines the percentage of an employee’s pay that will be withheld for federal taxes
24 - 26Voluntary Deduction SW 25Deductions 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)
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- Fichas sobre Unit 1 vocab, creado por Saffron Weidner el 22/08/2022.
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- Saffron Weidner
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