Term
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Definition
| A plan for managing money during a given period of time. |
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Definition
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Definition
| Total amount of income from your wages or salary before payroll deductions. |
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| What is Payroll Deductions? |
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Definition
| It is the amounts subtracted from gross income, which results in your net income. |
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Definition
| They are fees placed on income, property,or goods to support government programs. |
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| What is Federal Income Tax? |
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Definition
| It is a fee for the support of federa. government programs and is a payroll deduction collected by the employer each pay period and paid to the Internal Revenue Service (IRS). |
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| What is State Income Tax? |
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Definition
| It is also subtracted from your paycheck. Its a fee collected by your employer and paid to the state revenue deparetment to support state programs. |
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| What is Social Security Tax? |
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Definition
| It is collected from most employees to fund this federal program which provides oldage, survivors, and disability insurance. |
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Definition
| They are collected from most employees to fund the hospital insurance provided under this system. |
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Term
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Definition
| It is called your "take home pay", the amount you recieve when you cash your check or deposit it. |
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Term
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Definition
| To tell your employer how much to withhold from your paycheck for taxes. |
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Term
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Definition
| To show the taxes withheld from your paycheck for that year. |
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Term
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Definition
| Its the money you spend on your needs and wants, and money going out. |
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Term
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Definition
| It's a set dollar amounts and are the exact amount every time. |
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| What is Variable Expenses? |
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Definition
| It can change, which means you usually have more control over them. |
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Term
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Definition
| It's how you handle money coming in and money going out. Referred as "CASH FLOW". |
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| What does P.Y.F stand for? |
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Definition
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| What is a Checking account? |
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Definition
| It is an account you have at a finacial insitution that you use for convenience and to minimize the amount of cash you need to carry. |
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Term
| A car payment is an example of a vaiable expense True or False? |
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Definition
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Term
| When the costs of a service outweigh its benefits, its a good purchase True or False? |
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Definition
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| What are 2 simple parts of a budget? |
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Definition
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| What are 3 deductions that are subtracted from most people's paychecks? |
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Definition
Social Security Tax
State Income Tax
Federal Income Tax |
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