Flashcards
Unit 1 Econ
Cards in this deck (43)
- 11099IRS 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)
- 2Budget/Spending Plana paper or electronic document used to record planned and actual income through expenditures over a period of time
- 3Checking 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 Cash can be withdrawn using a debit card or ATM.
- 4City withholding taxa percent deducted from individual’s paycheck to assist in funding government agencies within a city.
- 5Commissionis a percentage or amount of profit given to an employee in exchange for making a sale
- 6Deductionis an amount of money withheld from the gross pay for taxes, medical benefits, union dues, etc.
- 7Dependentindividual who relies on someone else for financial support, such a child, a spouse, or elderly parent.
- 8Direct depositautomatic deposit of net pay to an employee’s bank account.
- 9Expendituresthe action of spending funds
- 10Federal withholding taxthe amount required by law for employers to withhold from earned wages to pay taxes.
- 11FICAa payroll tax. FICA stands for Federal Insurance Contributions Act (FICA) tax. This tax is used to fund Medicare and Social Security
- 12Financial well beingis defined as having financial security and financial freedom of choice, in the present and in the future
- 13Fixed expenseexpenses that stay basically the same from month to month, such as rent, transportation, and tuition.
- 14Flexible/variable expensespending that changes from month to month, that you have control over.
- 15Garnishmentsa court-ordered method of debt collection in which a portion of a person's salary is paid to a creditor.
- 16Gross Domestic ProductMeasures of the value of all goods and services produced by a nation during a specified period of time.
- 17Gross Paythe entire amount of your income or paycheck before any deductions – like taxes or insurance payments – are subtracted
- 18IRSThe U.S. government agency responsible for tax collection and tax law enforcement. Includes income tax forms, instructions, and agency publications.
- 19Long term goala goal you expect to achieve in five or more years.
- 20Mandatory 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.
- 21Medicareis a federal government insurance program designed to provide healthcare coverage for people 65 or older, certain disabled people, and people certain chronic diseases
- 22Medium term goaltakes 1 to 3 years to achieve.
- 23Net paythe amount of money left over after all deductions have been taken from the gross pay earned in a pay period.
- 24Pay periodis the length of time for which an employee’s wages are calculated. Most are weekly, bi-weekly, twice a month, or monthly.
- 25Periodic Expensesexpenses that happen occasionally throughout the year, but not a fixed amount that occur each month. (e.g. car repair, holiday gifts)
- 26PrioritizeTo arrange or deal with in order of importance.
- 27Reconciliationa report that accounts for all the differences between a bank statement and personal records (recommend to be done monthly)
- 28Resourcesthings or people that will help you reach your goal.
- 29Retirement deductionthe amount an employee contributes for the retirement plan each pay period; it may be matched by the employer.
- 30Salarythe minimum annual money received or the standard salary which an employee receives for doing a specific job includes a bonus or extra incentives.
- 31Savings accountan 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
- 32Self employedworking 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)
- 33Short term goala goal you expect to achieve in one year or less.
- 34Social Securitythis tax is taken to provide support for retirement income and disability benefits. 6.2% of an employee’s gross income.
- 35Standard of livingdegree to which one has the ability to obtain the goods and services one needs and wants.
- 36State taxis used by the state government to fund state and local programs
- 37To be goalsare related to personality and character. (examples: be smart, popular, relaxed, etc)
- 38To do goalscovers the endless list of things you might want to accomplish.
- 39Union duesare regular required payments of money made by it’s members. dues cover various activities which the union engages in.
- 40Valuesan individual’s beliefs about what is important, desirable, and worthwhile, which often influence decisions.
- 41Voluntary deductiondeductions 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)
- 42W2is 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.
- 43W4(Employee’s Withholding Allowance Certificate)The form that determines the percentage of an employee’s pay that will be withheld for federal taxes
Information
- Description
- 11th grade Government Flashcards on Unit 1 Econ, created by Tara Qucsai on 22/08/2022.
- Created by
- Tara Qucsai
- Views
- 1
- Rating
More on Budgeting and Paycheck Deductions