Flashcards

Consumer eco flashcards

Gavin Jones English 26 cards

Cards in this deck (26)

1GJ 1 Commissionis a percentage or amount of profit given to an employee in exchange for making a sale
2GJ 2 1099is 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)
3GJ 3 City withholding taxa percent deducted from individual’s paycheck to assist in funding government agencies within a city.
4GJ 3 FICAa payroll tax. FICA stands for Federal Insurance Contributions Act (FICA) tax. This tax is used to fund Medicare and Social Security
5GJ 4 Mandatory deductionThe 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.
6GJ 5 Reconciliationa report that accounts for all the differences between a bank statement and personal records (recommend to be done monthly)
7GJ 6 Union duesare regular required payments of money made by it’s members. dues cover various activities which the union engages in.
8GJ 7 W2is 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.
9GJ 8 W4(Employee’s Withholding Allowance Certificate)The form that determines the percentage of an employee’s pay that will be withheld for federal taxes.
10GJ 9 Flexible/variable expenseSpending that changes from month to month, that you have control over.
11GJ 10 DeductionAn amount of money withheld from the gross pay for taxes, medical benefits, union dues, etc.
12GJ 11 DependentIndividual who relies on someone else for financial support, such a child, a spouse, or elderly parent.
13GJ 12 Expendituresthe action of spending funds
14GJ 13 Federal withholding taxthe amount required by law for employers to withhold from earned wages to pay taxes.
15GJ 14 Direct depositautomatic deposit of net pay to an employee’s bank account.
16GJ 15 IRSThe U.S. government agency responsible for tax collection and tax law enforcement. Includes income tax forms, instructions, and agency publications.
17GJ 16 Gross Domestic ProductMeasures of the value of all goods and services produced by a nation during a specified period of time.
18GJ 17 Garnishmentsa court-ordered method of debt collection in which a portion of a person's salary is paid to a creditor.
19GJ 18 Budget/Spending Plana paper or electronic document used to record planned and actual income through expenditures over a period of time
20GJ 19 Checking accountcash 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.
21GJ 20 Financial well beingis defined as having financial security and financial freedom of choice, in the present and in the future.
22GJ 21 Fixed expenseexpenses that stay basically the same from month to month, such as rent, transportation, and tuition.
23GJ 22 Periodic Expensesexpenses that happen occasionally throughout the year, but not a fixed amount that occur each month. (e.g. car repair, holiday gifts)
24GJ 23 PrioritizeTo arrange or deal with in order of importance.
25GJ 24 Medicareis a federal government insurance program designed to provide healthcare coverage for people 65 or older, certain disabled people, and people certain chronic diseases
26GJ 25 Standard of livingdegree to which one has the ability to obtain the goods and services one needs and wants.