Flashcards
Payroll deductions and personal finance vocabulary
Cards in this deck (25)
- 1BC 1. GarnishmentsBC 1. a court-ordered method of debt collection in which a portion of a person's salary is paid to a creditor
- 2BC 2. FICABC 2.a payroll tax. FICA stands for Federal Insurance Contributions Act (FICA) tax. This tax is used to fund Medicare and Social Security
- 3BC 3. Federal withholding taxBC 3. the amount required by law for employers to withhold from earned wages to pay taxes.
- 4BC 4. DependentBC 4. individual who relies on someone else for financial support, such a child, a spouse, or elderly parent.
- 5BC 5. Fixed expenseBC 5. expenses that stay basically the same from month to month, such as rent, transportation, and tuition.
- 6BC 6. Gross Domestic ProductBC 6. Measures of the value of all goods and services produced by a nation during a specified period of time.
- 7BC 7. ReconciliationBC 7. a report that accounts for all the differences between a bank statement and personal records
- 8BC 8. Union duesBC 8. are regular required payments of money made by it’s members. dues cover various activities which the union engages in
- 9BC 9. Voluntary deductionBC 9. deductions 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)
- 10BC 10. Social SecurityBC 10. this tax is taken to provide support for retirement income and disability benefits. 6.2% of an employee’s gross income.
- 11BC 11. W2BC 11. is 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.
- 12BC 12. W4BC 12. (Employee’s Withholding Allowance Certificate)The form that determines the percentage of an employee’s pay that will be withheld for federal taxes
- 13BC 13. Voluntary deductionBC 13. deductions 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)
- 14BC 14. Union duesBC 14. are regular required payments of money made by it’s members. dues cover various activities which the union engages in.
- 15BC 15. Retirement deductionBC 15. the amount an employee contributes for the retirement plan each pay period; it may be matched by the employer
- 16BC 16. MedicareBC 16. is a federal government insurance program designed to provide healthcare coverage for people 65 or older, certain disabled people, and people certain chronic diseases
- 17BC 17. Direct depositBC 17. automatic deposit of net pay to an employee’s bank account.
- 18BC 18. Financial well beingBC 18. is defined as having financial security and financial freedom of choice, in the present and in the future.
- 19BC 19. Fixed expenseBC 19. expenses that stay basically the same from month to month, such as rent, transportation, and tuition.
- 20BC 20. Gross PayBC 20. the entire amount of your income or paycheck before any deductions – like taxes or insurance payments – are subtracted
- 21BC 21. Net payBC 21. the amount of money left over after all deductions have been taken from the gross pay earned in a pay period.
- 22BC 22. Self employedBC 22. working 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)
- 23BC 23. ValuesBC 23. an individual’s beliefs about what is important, desirable, and worthwhile, which often influence decisions
- 24BC 24. Standard of livingBC 24. degree to which one has the ability to obtain the goods and services one needs and wants.
- 25BC 25. Periodic ExpensesBC 25. expenses that happen occasionally throughout the year, but not a fixed amount that occur each month. (e.g. car repair, holiday gifts)
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- Flashcards on Untitled, created by Brayden Cole on 22/08/2022.
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- Brayden Cole
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