Term
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Definition
| Gross income minus deductions |
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Term
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Definition
| A tax used to provide support to old age, survivors, and disability insurance |
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Term
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Definition
| The amount of income before deductions |
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Term
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Definition
| A plan for spending and saving money |
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Term
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Definition
| Amounts subtracted from gross income |
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Term
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Definition
| Any money spent or given away |
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Term
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Definition
| Fees used to support government programs |
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Term
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Definition
| Tax used to fund hospital insurance provided under the social security system |
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Term
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Definition
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Term
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Definition
| Any money a person recieves |
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Term
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Definition
| A tax collected by the employeer and paid to the state revenue department |
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Term
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Definition
| Taxes paid to the internal revenue service (IRS) |
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Term
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Definition
| Expenses that have a set dollar amount each month |
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Term
| What are variable expenses? |
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Definition
| Expenses that change from month to month |
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Term
| What is sometimes referred to as "cash flow"? |
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Definition
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Term
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Definition
| Any money spent or given away |
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Term
| What is a checking account? |
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Definition
| An account you have at a financial institution that you use for convenience and to minimize the amount of cash you need to carry |
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Term
| What is the purpose of form W-4? |
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Definition
| To allow the employeer to withhold federal income taxes from the emplloyee wages |
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Term
| What is the purpose of form W-2? |
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Definition
| To itemize how much money was earned by an employee and how much was withheld and sent to the IRS |
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Term
| What is a spending & saving plan? |
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Definition
| A personal budget for managing money during a given period of time |
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