Flashcards
Unit 1- Econ Vocab
Cards in this deck (25)
- 11099 M.D 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. (1)
- 2Reconciliation M.D 2A report that accounts for all the differences between a bank statement and personal records (recommended to be done monthly). (2)
- 3Gross Pay M.D. 3the entire amount of your income or paycheck before any deductions – like taxes or insurance payments – are subtracted. (3)
- 4Gross Domestic Product M.D. 4Measures of the value of all goods and services produced by a nation during a specified period of time. (4)
- 5Union Dues M.D. 5Are regular required payments of money made by it’s members. dues cover various activities which the union engages in. (5)
- 6Periodic Expenses M.D. 6Expenses that happen occasionally throughout the year, but not a fixed amount that occur each month. (e.g. car repair, holiday gifts). (6)
- 7Reconciliation M.D. 7A report that accounts for all the differences between a bank statement and personal records (recommend to be done monthly). (7)
- 8Standard of Living M.D. 8Degree to which one has the ability to obtain the goods and services one needs and wants. (8)
- 9W2 M.D. 9Is 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. (9)
- 10W4 M.D. 10(Employee’s Withholding Allowance Certificate)The form that determines the percentage of an employee’s pay that will be withheld for federal taxes. (10)
- 11Commission M.D. 11Is a percentage or amount of profit given to an employee in exchange for making a sale. (11)
- 12City Withholding Tax M.D. 12A percent deducted from individual’s paycheck to assist in funding government agencies within a city. (12)
- 13Dependent M.D. 13Individual who relies on someone else for financial support, such a child, a spouse, or elderly parent. (13)
- 14Budget/Spending Plan M.D. 14A paper or electronic document used to record planned and actual income through expenditures over a period of time. (14)
- 15Expenditures M.D. 15The action of spending funds. (15)
- 16Federal Withholding Tax M.D. 16The amount required by law for employers to withhold from earned wages to pay taxes. (16)
- 17FICA M.D. 17A payroll tax. FICA stands for Federal Insurance Contributions Act (FICA) tax. This tax is used to fund Medicare and Social Security. (17)
- 18Fixed expense M.D. 18Expenses that stay basically the same from month to month, such as rent, transportation, and tuition. (18)
- 19Flexible/variable Expense M.D. 19Spending that changes from month to month, that you have control over. (19)
- 20Garnishments M.D. 20A court-ordered method of debt collection in which a portion of a person's salary is paid to a creditor. (20)
- 21Net Pay M.D. 21The amount of money left over after all deductions have been taken from the gross pay earned in a pay period. (21)
- 22Pay Period M.D. 22Is the length of time for which an employee’s wages are calculated. Most are weekly, bi-weekly, twice a month, or monthly. (22)
- 23Social Security M.D. 23This tax is taken to provide support for retirement income and disability benefits. 6.2% of an employee’s gross income. (23)
- 24Retirement Deduction M.D. 24The amount an employee contributes for the retirement plan each pay period; it may be matched by the employer. (24)
- 25Mandatory Deduction M.D. 25The 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. (25)
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- Flashcards on Unit 1- Econ Vocab, created by Mauricha Davis on 03/01/2022.
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