Flashcards
UNIT 1 VOCAB
Flashcards do conjunto (25)
- 1Expenditures KB 1The action of spending funds
KB 1 - 2FICA KB 2A payroll tax. FICA stands for Federal Insurance Contributions Act (FICA) tax. This tax is used to fund Medicare and Social Security
KB 2 - 3Flexible/variable expense KB 3Spending that changes from month to month, that you have control over.
KB 3 - 4Garnishments KB 4A court-ordered method of debt collection in which a portion of a person's salary is paid to a creditor.
KB 4 - 5Net pay KB 5The amount of money left over after all deductions have been taken from the gross pay earned in a pay period.
KB 5 - 6Reconciliation KB 6A report that accounts for all the differences between a bank statement and personal records (recommend to be done monthly)
KB 6 - 7Retirement Deduction KB 7The amount an employee contributes for the retirement plan each pay period; it may be matched by the employer.
KB 7 - 8Union Dues KB 8Are regular required payments of money made by it’s members. dues cover various activities which the union engages in.
KB 8 - 9Values KB 9An individual’s beliefs about what is important, desirable, and worthwhile, which often influence decisions.
KB 9 - 10Voluntary Deduction KB 10Deductions 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)
KB 10 - 11W2 KB 11Is 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.
KB 11 - 12W4 KB 12(Employee’s Withholding Allowance Certificate)The form that determines the percentage of an employee’s pay that will be withheld for federal taxes.
KB 12 - 131099 KB 13Is 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)
KB 13 - 14Budget/Spending Plan KB 14A paper or electronic document used to record planned and actual income through expenditures over a period of time.
KB 14 - 15City Withholding Tax KB 15A percent deducted from individual’s paycheck to assist in funding government agencies within a city.
KB 15 - 16Dependent KB 16Individual who relies on someone else for financial support, such a child, a spouse, or elderly parent.
KB 16 - 17Direct Deposit KB 17Automatic deposit of net pay to an employee’s bank account.
KB 17 - 18Commission KB 18Is a percentage or amount of profit given to an employee in exchange for making a sale
KB 18 - 19Federal Withholding Tax KB 19The amount required by law for employers to withhold from earned wages to pay taxes.
KB 19 - 20Financial Well Being KB 20Is defined as having financial security and financial freedom of choice, in the present and in the future.
KB 20 - 21Fixed Expense KB 21Expenses that stay basically the same from month to month, such as rent, transportation, and tuition.
KB 21 - 22Flexible/Variable Expense KB 22Spending that changes from month to month, that you have control over.
KB 22 - 23Gross Domestic Product KB 23Measures of the value of all goods and services produced by a nation during a specified period of time.
KB 23 - 24Mandatory Deduction KB 24The 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.
KB 24 - 25Medicare KB 25Is a federal government insurance program designed to provide healthcare coverage for people 65 or older, certain disabled people, and people certain chronic diseases.
KB 25
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- FlashCards sobre UNIT 1 VOCAB, criado por Kennedy Bullock em 03-01-2022.
- Criado por
- Kennedy Bullock
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