Flashcards
Unit 1 vocab
Cards in this deck (25)
- 1City withholding tax 1. DESa percent deducted from individual’s paycheck to assist in funding government agencies within a city.
1. DES - 2Federal withholding tax 2. DESthe amount required by law for employers to withhold from earned wages to pay taxes.
2. DES - 3FICA 3. DESa payroll tax. FICA stands for Federal Insurance Contributions Act (FICA) tax. This tax is used to fund Medicare and Social Security
3. DES - 4Garnishments 4. DESa court-ordered method of debt collection in which a portion of a person's salary is paid to a creditor.
4. DES - 5Gross Domestic Product 5.DESMeasures of the value of all goods and services produced by a nation during a specified period of time.
5. DES - 6Mandatory deduction 6. DESThe employer is required by federal and/or state law to deduct a certain amount of the employee's pay and send it to a governmental agency for the purpose of satisfying the employee's debt, or contribution to the employee's retirement account, or tax withholding.
6. DES - 7Medicare 7. DESis a federal government insurance program designed to provide healthcare coverage for people 65 or older, certain disabled people, and people certain chronic diseases
7.DES - 8Pay period 8. DESis the length of time for which an employee’s wages are calculated. Most are weekly, bi-weekly, twice a month, or monthly.
8. DES - 9Periodic Expenses 9. DESexpenses that happen occasionally throughout the year, but not a fixed amount that occur each month.
9.DES - 10Reconciliation 10. DESa report that accounts for all the differences between a bank statement and personal records
10. DES - 11Retirement deduction 11. DESthe amount an employee contributes for the retirement plan each pay period; it may be matched by the employer.
11. DES - 12Savings account 12.DESan 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
12. DES - 13Self employed 13. DESworking for oneself or the owner of a business rather than for an employer. Required to pay self employment tax
13.DES - 14Social Security 14. DES-this tax is taken to provide support for retirement income and disability benefits. 6.2% of an employee’s gross income.
14.DES - 15Standard of living 15.DESdegree to which one has the ability to obtain the goods and services one needs and wants.
15.DES - 16State tax 16.DESis used by the state government to fund state and local programs
16.DES - 17To do goals 17.DEScovers the endless list of thing you might want to accomplish.
17.DES - 18Union dues 18.DESare regular required payments of money made by it’s members. dues cover various activities which the union engages in.
18.DES - 19Values 19.DESan individual’s beliefs about what is important, desirable, and worthwhile, which often influence decision
19.DES - 20Voluntary deduction 20. DESdeductions 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)
20.DES - 21W2 21.DESis 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.
21.DES - 22W4 22.DES(Employee’s Withholding Allowance Certificate)The form that determines the percentage of an employee’s pay that will be withheld for federal taxes
22.DES - 23Budget/Spending Plan 23.DESa paper or electronic document used to record planned and actual income through expenditures over a period of time
23.DES - 24Checking account 24.DEScash 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.
24.DES - 25Commission 25.DESis a percentage or amount of profit given to an employee in exchange for making a sale
25.DES
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- Flashcards on Unit 1 vocab, created by David Santoro on 22/08/2022.
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- David Santoro
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