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Details Title: Budget; dont go broke Description: budgeting Total Flash Cards: 20 Created: 10/25/2006 10:50:10	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
Cards Term Budget Definition Plan for managing money during a given period of time. Term Income Definition Any money coming in. Term Gross income Definition The total amount of income from your wages or salary before payroll deductions. Term Payroll deductions Definition The amounts subtracted from gross income, which results in your net income. Term Taxes Definition Fees placed on income, poverty, or goodsto support government programs. Term Federal Income Tax Definition A fees for the support of federal government programs and is a payroll deductions collected by the employer each pay period and paid to the IRS. Term State Income Tax Definition A fee collected by your employer and paid to the state renenue department to support state programs. Term Social Security Tax Definition Collected from most employers to fund this federal program, which provides oldage, suvivers, and disability insurance. Term Medicare Tax Definition Collected from most employers to fund hospital insurance provided under the system. Term Net Income Definition sometimes called "take-home pay" it's the amount you recieve after all of the deductions from your gross pay. Term Expenses Definition Any money going out. Term Fixed Expenses Definition They have a set dollar amount and are the exact amount every time Term Variable Expenses Definition These can change, which means you usually have more control over them. Term Cash Management Definition How you handle the money coming in and the money coming out. Term P.Y.F. Definition Pay Yourself First. Term What are the two simple parts of a budget? Definition Spending and savings. Term List three deductions that are subtracted from most peoples pay check. Definition 1.State Income Tax 2.Payroll Deductions 3.Medicare Taxes Term True or false, the purpose of a Form W-2 is to itemize how much money was earned by an employee and how much was withheld and sent to the IRS. Definition True. Term What is an ATM? Definition Automated Teller Machine. Term What is a checking account? Definition An account where you can write a check for regular occuring bills.