Flashcards
vocab
Flashcards do conjunto (26)
- 1Budget/spending plan MDBudget/Spending Plan- a paper or electronic document used to record planned and actual income through expenditures over a period of time
- 2Budget/spending plan MD 1a paper or electronic document used to record planned and actual income through expenditures over a period of time
- 3checking account MD 2deposited 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 Cash can be withdrawn using a debit card or ATM.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 tax MD 3a percent deducted from individual’s paycheck to assist in funding government agencies within a city.
- 5commission MD 4is a percentage or amount of profit given to an employee in exchange for making a sale
- 6deduction MD 5is an amount of money withheld from the gross pay for taxes, medical benefits, union dues, etc.
- 7dependant MD 6individual who relies on someone else for financial support, such a child, a spouse, or elderly parent.
- 8direct deposit MD 7automatic deposit of net pay to an employee’s bank account.
- 9expenditures MD 8the action of spending funds
- 10federal withholding tax MD 9the amount required by law for employers to withhold from earned wages to pay taxes.
- 11FICA MD 10a payroll tax. FICA stands for Federal Insurance Contributions Act (FICA) tax. This tax is used to fund Medicare and Social Security
- 12financial well being MD 11is defined as having financial security and financial freedom of choice, in the present and in the future.
- 13fixed expense MD 12expenses that stay basically the same from month to month, such as rent, transportation, and tuition.
- 14flexible/variable expense MD 13spending that changes from month to month, that you have control over.
- 15Garnishments MD 14a court-ordered method of debt collection in which a portion of a person's salary is paid to a creditor.
- 16gross domestic product MD 15Measures of the value of all goods and services produced by a nation during a specified period of time.
- 17gross pay MD 16the entire amount of your income or paycheck before any deductions – like taxes or insurance payments – are subtracted
- 18IRS MD 17The U.S. government agency responsible for tax collection and tax law enforcement. Includes income tax forms, instructions, and agency publications.
- 19long term goal MD 18a goal you expect to achieve in five or more years.
- 20mandatory deduction MD 19The 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.
- 21medicare MD 20is 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 goal MD 21takes 1 to 3 years to achieve.
- 23net pay MD 22the amount of money left over after all deductions have been taken from the gross pay earned in a pay period.
- 24pay period MD 23is the length of time for which an employee’s wages are calculated. Most are weekly, bi-weekly, twice a month, or monthly.
- 25periodic expenses MD 24expenses that happen occasionally throughout the year, but not a fixed amount that occur each month. (e.g. car repair, holiday gifts)
- 26prioritize MD 25To arrange or deal with in order of importance.
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- FlashCards sobre vocab, criado por Madalyn Duff em 22-08-2022.
- Criado por
- Madalyn Duff
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