Term
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Definition
| budgeting is a plan for manageing money during a given period of time. |
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Term
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Definition
| income is any money coming in. |
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Term
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Definition
| gross income is the total amount of income from your wages or salary before payroll deductions. |
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Term
| what is payroll deductions |
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Definition
| pay roll deductions are the amounts subtracted from gross income, which results in your net income. |
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Term
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Definition
| taxes are fees placed on income, property, or goods to support government programs. |
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Term
| what are federal income tax? |
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Definition
| federal income taxes is a fee for the support of government programs (a.k.a IRS) |
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| what are state income taxes? |
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Definition
| it is a fee collected by the employer and paid to the state revenue department to support state programs |
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Term
| what is social security tax? |
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Definition
| social security tax is collected from most employees to fund the federal program for old age, survivors, and disability insurance. |
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Term
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Definition
| it is a tax collected to fund hospital insurance provided under this system |
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Term
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Definition
| aka "take home pay" is the amount you recieve after you cash or deposit your check. |
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Term
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Definition
| money you spend on needs and wants, and money going out. |
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Term
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Definition
| when you have set dollar amounts and are exact everytime. |
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Term
| what are variable expenses? |
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Definition
| variable expenses can change, which means you have more control over them |
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Term
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Definition
| cash management is how you handle money going in and money going out |
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Term
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Definition
| cash management is how you handle money going in and money going out |
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Term
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Definition
| it stands for pay yourself first |
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Term
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Definition
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Term
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Definition
| personal identification number |
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