Flashcards
flash cards for econ
Cards in this deck (25)
- 11. Budget/Spending Plan Edwina paper or electronic document used to record planned and actual income through expenditures over a period of time
- 22.Checking account Edwincash 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 Cash can be withdrawn using a debit card or ATM.
- 33.City withholding tax Edwina percent deducted from individual’s paycheck to assist in funding government agencies within a city.
- 44.Expenditures Edwinthe action of spending funds
- 55.Federal withholding tax Edwinthe amount required by law for employers to withhold from earned wages to pay taxes.
- 66.FICA Edwina payroll tax. FICA stands for Federal Insurance Contributions Act (FICA) tax. This tax is used to fund Medicare and Social Security
- 77.Gross Domestic Product EdwinMeasures of the value of all goods and services produced by a nation during a specified period of time.
- 88.Net pay Edwinthe amount of money left over after all deductions have been taken from the gross pay earned in a pay period.
- 99.Pay period Edwinis the length of time for which an employee’s wages are calculated. Most are weekly, bi-weekly, twice a month, or monthly.
- 1010.Union dues Edwinare regular required payments of money made by it’s members. dues cover various activities which the union engages in.
- 1111,Voluntary deduction Edwindeductions 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)
- 1212.Social Security Edwinthis tax is taken to provide support for retirement income and disability benefits. 6.2% of an employee’s gross income.
- 1313.Self employed Edwinworking 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)
- 1414.Retirement deduction Edwinthe amount an employee contributes for the retirement plan each pay period; it may be matched by the employer.
- 1515.Salary Edwinthe minimum annual money received or the standard salary which an employee receives for doing a specific job includes a bonus or extra incentives.
- 1616.Mandatory deduction EdwinThe 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.
- 1717.Garnishments Edwina court-ordered method of debt collection in which a portion of a person's salary is paid to a creditor.
- 1818.Fixed expense Edwinexpenses that stay basically the same from month to month, such as rent, transportation, and tuition.
- 1919.Commission Edwinis a percentage or amount of profit given to an employee in exchange for making a sale
- 2020.Flexible/variable expense Edwinspending that changes from month to month, that you have control over.
- 2121.Gross Pay Edwinthe entire amount of your income or paycheck before any deductions – like taxes or insurance payments – are subtracted
- 2222.IRS EdwinThe U.S. government agency responsible for tax collection and tax law enforcement. Includes income tax forms, instructions, and agency publications.
- 2323.Long term goal Edwina goal you expect to achieve in five or more years.
- 2424.Medicare Edwinis a federal government insurance program designed to provide healthcare coverage for people 65 or older, certain disabled people, and people certain chronic diseases
- 2525.Medium term goal Edwintakes 1 to 3 years to achieve.
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- 11th grade Consumer Econ Flashcards on flash cards for econ, created by Edwin Mendez-Chavez on 22/08/2022.
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- Edwin Mendez-Chavez
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