Flashcards

Pay and payroll vocabulary: taxes, deductions, pay stub

Brandon Hampton Inglês 25 flashcards

Flashcards do conjunto (25)

1BH-1 FICAStands for Federal Insurance Contributions Act (FICA) tax. This tax is used to fund Medicare and Social Security
2BH-2 Federal withholding taxT
The amount required by law for employers to withhold from earned wages to pay taxes.
3BH-3 Fixed expenseExpenses that stay basically the same from month to month, such as rent, transportation, and tuition.
4BH-4 ExpendituresThe action of spending funds
5BH-5 1099One 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)
6BH-6 DependentIndividual who relies on someone else for financial support, such a child, a spouse, or elderly parent.
7BH-7 Flexible/variable expenseSpending that changes from month to month, that you have control over.
8BH-8 Gross PayThe entire amount of your income or paycheck before any deductions – like taxes or insurance payments – are subtracted
9BH-9 IRSThe U.S. government agency responsible for tax collection and tax law enforcement. Includes income tax forms, instructions, and agency publications.
10BH-10 Net payThe amount of money left over after all deductions have been taken from the gross pay earned in a pay period.
11BH-11 Self employedWorking 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)
12BH-12 Standard of livingDegree to which one has the ability to obtain the goods and services one needs and wants.
13BH-13 To be goalsRelated to personality and character. (examples: be smart, popular, relaxed, etc)
14BH-14 Union duesRegular required payments of money made by it’s members. dues cover various activities which the union engages in.
15BH-15 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)
16BH-16 W2The 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.
17BH-17 W4(Employee’s Withholding Allowance Certificate)The form that determines the percentage of an employee’s pay that will be withheld for federal taxes
18BH-18 ValuesAn individual’s beliefs about what is important, desirable, and worthwhile, which often influence decisions.
19BH-19 Social SecurityThis tax is taken to provide support for retirement income and disability benefits. 6.2% of an employee’s gross income.
20BH-20 Retirement deductionThe amount an employee contributes for the retirement plan each pay period; it may be matched by the employer.
21BH-21 ReconciliationA report that accounts for all the differences between a bank statement and personal records (recommend to be done monthly)
22BH-22 Periodic ExpensesExpenses that happen occasionally throughout the year, but not a fixed amount that occur each month. (e.g. car repair, holiday gifts)
23BH-23 MedicareA federal government insurance program designed to provide healthcare coverage for people 65 or older, certain disabled people, and people certain chronic diseases
24BH-24 Gross Domestic ProductMeasures of the value of all goods and services produced by a nation during a specified period of time.
25BH-25 Checking accountCash 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.