Fichas
unit 1 vocab
Fichas del conjunto (25)
- 1#1- City withholding tax GRa percent deducted from individual’s paycheck to assist in funding government agencies within a city.
- 2#2 - 1099 GRis 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)
- 3#3 - Commission GRis a percentage or amount of profit given to an employee in exchange for making a sale
- 4#4 - Dependent GRindividual who relies on someone else for financial support, such a child, a spouse, or elderly parent.
- 5#5 - Expenditures GRthe action of spending funds
- 6#6 - Federal withholding tax GRthe amount required by law for employers to withhold from earned wages to pay taxes.
- 7#7 - FICA GRa payroll tax. FICA stands for Federal Insurance Contributions Act (FICA) tax. This tax is used to fund Medicare and Social Security
- 8#8 - Financial well being GRis defined as having financial security and financial freedom of choice, in the present and in the future.
- 9#9 - Fixed expense GRexpenses that stay basically the same from month to month, such as rent, transportation, and tuition.
- 10#10 - Flexible/variable expense GRspending that changes from month to month, that you have control over.
- 11#11 - Garnishments GRa court-ordered method of debt collection in which a portion of a person's salary is paid to a creditor.
- 12#12 - Gross Domestic Product GRMeasures of the value of all goods and services produced by a nation during a specified period of time.
- 13#13 - Gross Pay GRthe entire amount of your income or paycheck before any deductions – like taxes or insurance payments – are subtracted
- 14#14 - IRS GRThe U.S. government agency responsible for tax collection and tax law enforcement. Includes income tax forms, instructions, and agency publications.
- 15#15 - Mandatory deduction GRThe 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.
- 16#16 - Pay period GRis the length of time for which an employee’s wages are calculated. Most are weekly, bi-weekly, twice a month, or monthly.
- 17#17 - Periodic Expenses GRexpenses that happen occasionally throughout the year, but not a fixed amount that occur each month. (e.g. car repair, holiday gifts)
- 18#18 - Reconciliation GRa report that accounts for all the differences between a bank statement and personal records (recommend to be done monthly)
- 19#19 - Retirement deduction GRthe amount an employee contributes for the retirement plan each pay period; it may be matched by the employer.
- 20#20 - Union dues GRare regular required payments of money made by it’s members. dues cover various activities which the union engages in.
- 21#21 - Values GRan individual’s beliefs about what is important, desirable, and worthwhile, which often influence decisions.
- 22#22 - Voluntary deduction GRdeductions 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)
- 23#23 - W2 GRis 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.
- 24#24 - W4 GR(Employee’s Withholding Allowance Certificate)The form that determines the percentage of an employee’s pay that will be withheld for federal taxes
- 25#25 - Standard of living GRdegree to which one has the ability to obtain the goods and services one needs and wants.
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- Fichas sobre unit 1 vocab, creado por Gracie Richter el 03/01/2022.
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- Gracie Richter
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