Fichas
Flashcards Unit 1
Fichas del conjunto (25)
- 1Direct Deposit Justin L. #1Automatic deposit of net pay to an employee’s bank account.
- 2Financial Well-being Justin L. #2Is defined as having financial security and financial freedom of choice, in the present and in the future.
- 3I.R.S. Justin L. #3The U.S. government agency responsible for tax collection and tax law enforcement. Includes income tax forms, instructions, and agency publications.
- 4Medium Term Goal Justin L. #4Takes 1 to 3 years to achieve.
- 5Pay Period Justin L. #5Is the length of time for which an employee’s wages are calculated. Most are weekly, bi-weekly, twice a month, or monthly.
- 6Reconciliation Justin L. #6A report that accounts for all the differences between a bank statement and personal records (recommend to be done monthly.)
- 7Retirement Deduction Justin L. #7The amount an employee contributes for the retirement plan each pay period; it may be matched by the employer.
- 8Social Security Justin L. #8This tax is taken to provide support for retirement income and disability benefits. 6.2% of an employee’s gross income.
- 9Union Dues Justin L. #9Are regular required payments of money made by it’s members. Dues cover various activities which the union engages in.
- 10W4 Justin L. #10(Employee’s Withholding Allowance Certificate)The form that determines the percentage of an employee’s pay that will be withheld for federal taxes.
- 111099 Justin L. #11Is 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.)
- 12City Withholding Tax Justin L. #12A percent deducted from individual’s paycheck to assist in funding government agencies within a city.
- 13Commission Justin L. #13Is a percentage or amount of profit given to an employee in exchange for making a sale.
- 14Dependent Justin L. #14Individual who relies on someone else for financial support, such as a child, a spouse, or elderly parent.
- 15Expenditures Justin L. #15The action of spending funds.
- 16F.I.C.A. Justin L. #16A payroll tax. FICA stands for Federal Insurance Contributions Act (FICA) tax. This tax is used to fund Medicare and Social Security.
- 17Fixed Expense Justin L. #17Expenses that stay basically the same from month to month, such as rent, transportation, and tuition.
- 18Flexible/Variable Expense Justin L. #18Spending that changes from month to month, that you have control over.
- 19Garnishments Justin L. #19A court-ordered method of debt collection in which a portion of a person's salary is paid to a creditor.
- 20Gross Domestic Product Justin L. #20Measures of the value of all goods and services produced by a nation during a specified period of time.
- 21Mandatory Deduction Justin L. #21The 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.
- 22Net Pay Justin L. #22The amount of money left over after all deductions have been taken from the gross pay earned in a pay period.
- 23State Tax Justin L. #23Is used by the state government to fund state and local programs.
- 24Values Justin L. #24An individual’s beliefs about what is important, desirable, and worthwhile, which often influence decisions.
- 25Voluntary Deduction Justin L. #25Deductions from wages that are withheld from an employee's paycheck that are optional such as (child care expenses, optional vision insurance, gym membership, union dues, etc.)
Información
- Descripción
- Fichas sobre Flashcards Unit 1, creado por Justin Laubhan el 03/01/2022.
- Creado por
- Justin Laubhan
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