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Unit Three Flashcards
Budgeting
20
Other
12th Grade
10/24/2006

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Cards

Term
What type of tax is used to fund hospital insurance provided under the social security system?
Definition
Medicare
Term
What tax is used to provide support to old-age, survivors, and disability insurance?
Definition
Social Security
Term
A plan for managing money during a given period of time, also called a spending and savings plan.
Definition
Budget
Term
Any money coming in
Definition
Income
Term
the total amount of income from your wages or salary before payroll deductions
Definition
Gross Income
Term
The total amount of income from your wages after payroll deductions, also known as take-home pay
Definition
Net Income
Term
the amounts subtracted from your gross income, that results in your net income
Definition
Payroll Deductions
Term
Fees placed on income, property, or goods to support government programs
Definition
Taxes
Term
Taxes paid to the Internal Revenue Service (IRS)
Definition
Federal Taxes
Term
A tax collected by t he employer and paid to the state revenue department
Definition
State Tax
Term
Money going out
Definition
Expenses
Term
Expenses with a set dollar amount and are the exact same amount every time
Definition
Fixed Expenses
Term
Expenses whose dollar amount can change meaning you have more control over them
Definition
Variable Expenses
Term
How you handle money coming in and money going out, sometimes referred to as "cash flow"
Definition
Cash management
Term
PYF
Definition
pay yourself first, basically look at it as a bill you owe to yourself
Term
YTD
Definition
Year-to-Date, how much money that has been made by an employee from start date to current date
Term
Pay Period
Definition
the time hours were accumulated for a specific check
Term
What is the purpose of a W-4 form?
Definition
Tells your employer how much to withhold from your paycheck in taxes
Term
What is the purpose of a W-2 form?
Definition
Shows the total taxes withheld from your paycheck for that year
Term
What is the purpose of a budget
Definition
To help people maintain a healthy spending habit that involves paying bills on time and saving money at the same time
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