Flashcards
Sarah Deaton-Econ Flashcards
Cards in this deck (25)
- 11099 #1 SDis 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.(savings accounts, lottery, etc)
- 2City Withholding Tax #2 SDA percent deducted from individual’s paycheck to assist in funding government agencies within a city.
- 3Deduction #3 SDAn amount of money withheld from the gross pay for taxes, medical benefits, union dues, etc.
- 4Dependent #4 SDIndividual who relies on someone else for financial support, such a child, a spouse, or elderly parent.
- 5Expenditures #5 SDThe action of spending funds
- 6Federal Withholding Tax #6 SDThe amount required by law for employers to withhold from earned wages to pay taxes.
- 7FICA #7 SDA payroll tax. FICA stands for Federal Insurance Contributions Act (FICA) tax. This tax is used to fund Medicare and Social Security
- 8Financial Well-Being #8 SDDefined as having financial security and financial freedom of choice, in the present and in the future.
- 9Fixed Expense #9 SdExpenses that stay basically the same from month to month, such as rent, transportation, and tuition.
- 10Flexible/variable expense #10 SDSpending that changes from month to month, that you have control over.
- 11Garnishments #11 SDA court-ordered method of debt collection in which a portion of a person's salary is paid to a creditor.
- 12Gross Domestic Product #12 SDMeasures of the value of all goods and services produced by a nation during a specified period of time.
- 13Gross Pay #13 SDThe entire amount of your income or paycheck before any deductions – like taxes or insurance payments – are subtracted
- 14IRS #14 SDThe U.S. government agency responsible for tax collection and tax law enforcement. Includes income tax forms, instructions, and agency publications.
- 15Mandatory Deduction #15 SDThe 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.
- 16Medicare #16 SDA federal government insurance program designed to provide healthcare coverage for people 65 or older, certain disabled people, and people certain chronic diseases.
- 17Net Pay #17 SDThe amount of money left over after all deductions have been taken from the gross pay earned in a pay period.
- 18Periodic Expenses #18 SDExpenses that happen occasionally throughout the year, but not a fixed amount that occur each month. (e.g. car repair, holiday gifts)
- 19Reconciliation #19 SDA report that accounts for all the differences between a bank statement and personal records (recommend to be done monthly)
- 20Standard of living #20 SDDegree to which one has the ability to obtain the goods and services one needs and wants.
- 21Union dues #21 SDRegular required payments of money made by it’s members. dues cover various activities which the union engages in.
- 22Voluntary deduction #22 SDDeductions 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)
- 23W2 #23 SDThe 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.
- 24W4 #24 SD(Employee’s Withholding Allowance Certificate)The form that determines the percentage of an employee’s pay that will be withheld for federal taxes.
- 25Self employed #25 SDWorking 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).
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- Flashcards on Sarah Deaton-Econ Flashcards, created by Sarah Deaton on 05/01/2023.
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- Sarah Deaton
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