Flashcards

consumer economics

Molly Hayes English 25 cards

Cards in this deck (25)

11099 MH 1is 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)
2City withholding tax MH 2a percent deducted from individual’s paycheck to assist in funding government agencies within a city.
3expenditures MH 3the action of spending funds
4FICA MH 4a payroll tax. FICA stands for Federal Insurance Contributions Act (FICA) tax. This tax is used to fund Medicare and Social Security
5Fixed expense MH 5expenses that stay basically the same from month to month, such as rent, transportation, and tuition.
6Gross Domestic Product MH 6Measures of the value of all goods and services produced by a nation during a specified period of time
7Mandatory deduction MH 7The 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.
8Periodic Expenses MH 8expenses that happen occasionally throughout the year, but not a fixed amount that occur each month. (e.g. car repair, holiday gifts)
9Net pay MH 9the amount of money left over after all deductions have been taken from the gross pay earned in a pay period.
10Reconciliation MH 10a report that accounts for all the differences between a bank statement and personal records (recommend to be done monthly)
11To do goals MH 11covers the endless list of thing you might want to accomplish.
12Union dues MH 12are regular required payments of money made by it’s members. dues cover various activities which the union engages in.
13voluntary deduction MH 13deductions 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)
14W2 MH 14is 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.
15W4 MH 15(Employee’s Withholding Allowance Certificate)The form that determines the percentage of an employee’s pay that will be withheld for federal taxes
16retirement deduction MH 16the amount an employee contributes for the retirement plan each pay period; it may be matched by the employer.
17commission MH 17is a percentage or amount of profit given to an employee in exchange for making a sale
18deduction MH 18is an amount of money withheld from the gross pay for taxes, medical benefits, union dues, etc.
19financial well being MH 19is defined as having financial security and financial freedom of choice, in the present and in the future.
20flexible/variable expense MH 20spending that changes from month to month, that you have control over.
21pay period MH 21is the length of time for which an employee’s wages are calculated. Most are weekly, bi-weekly, twice a month, or monthly.
22value MH 22an individual’s beliefs about what is important, desirable, and worthwhile, which often influence decisions.
23State tax MH 23is used by the state government to fund state and local programs
24Self-employed MH 24working 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)
25Savings account MH 25an 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