Flashcards

Econ

Caleb Nall English 25 cards

Cards in this deck (25)

11 CN W4(Employee’s Withholding Allowance Certificate)The form that determines the percentage of an employee’s pay that will be withheld for federal taxes
22 CN W2is 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.
33 CN Voluntary 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)
44 CN Union duesare regular required payments of money made by it’s members. dues cover various activities which the union engages in.
55 CN Social Securitythis tax is taken to provide support for retirement income and disability benefits. 6.2% of an employee’s gross income.
66 CN Salarythe minimum annual money received or the standard salary which an employee receives for doing a specific job includes a bonus or extra incentives.
77 CN Retirement deductionthe amount an employee contributes for the retirement plan each pay period; it may be matched by the employer.
88 CN Reconciliationa report that accounts for all the differences between a bank statement and personal records (reccomend to be done monthly)
99 CN Periodic Expensesexpenses that happen occasionally throughout the year, but not a fixed amount that occur each month. (e.g. car repair, holiday gifts)
1010 CN Pay periodis the length of time for which an employee’s wages are calculated. Most are weekly, bi-weekly, twice a month, or monthly.
1111 CN Net paythe amount of money left over after all deductions have been taken from the gross pay earned in a pay period.
1212 CN Medium term goaltakes 1 to 3 years to achieve.
1313 CN Medicareis a federal government insurance program designed to provide healthcare coverage for people 65 or older, certain disabled people, and people certain chronic diseases
1414 CN Mandatory 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.
1515 CN IRSThe U.S. government agency responsible for tax collection and tax law enforcement. Includes income tax forms, instructions, and agency publications.
1616 CN Gross Paythe entire amount of your income or paycheck before any deductions – like taxes or insurance payments – are subtracted
1717 CN Gross Domestic ProductMeasures of the value of all goods and services produced by a nation during a specified period of time.
1818 CN Garnishmentsa court-ordered method of debt collection in which a portion of a person's salary is paid to a creditor.
1919 CN FICAa payroll tax. FICA stands for Federal Insurance Contributions Act (FICA) tax. This tax is used to fund Medicare and Social Security
2020 CN Federal withholding taxthe amount required by law for employers to withhold from earned wages to pay taxes.
2121 CN Commissionis a percentage or amount of profit given to an employee in exchange for making a sale
2222 CN City withholding taxa percent deducted from individual’s paycheck to assist in funding government agencies within a city.
2323 CN Fixed expenseexpenses that stay basically the same from month to month, such as rent, transportation, and tuition.
2424 CN Financial well beingis defined as having financial security and financial freedom of choice, in the present and in the future.
2525 CN Flexible/variable expensespending that changes from month to month, that you have control over.