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| What does P.Y.F. stand for |
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| Tax used to fund hospital insurance provied under the Social Security System is called |
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| ____________ ____________ _____is a tax used to provide support to old-age, suvivors, and disablilty insurance. |
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| Expenses taht change from month to month |
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| Gross income minus deductions is _____ _____ |
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| Fees used to support government programs |
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| A tax collected by the smployer and paid to the stat revenue dempartment |
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| Taxes paid to th eInternal Revenue Service (IRS) |
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| A plan for managing money during a given period of time. |
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| How you handle money coming in and money going out |
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| Amounts subtracted from gross income |
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Definition
| expenses that have a set dollar amount |
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| The amounts subtracted from the gross income |
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| What are 3 deductions that are subtracted from most people's paychecks |
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Definition
Medicare
State
Federal
socail sercurity |
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Term
| What is the purpose of form W-4? |
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Definition
| To allow the employer to withhold federal income taxes from the employees wages. |
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| What is the purpose form W-2? |
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Definition
| to intemize how much money was earned by an employee and how much was withheld and sent to the IRS |
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Term
True or False
A personal budget should be planned for a specific period of time. |
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Term
True or False
A personal budget should be planned for a specific period of time. |
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True or False
You can think of PYF as a bill you owe yourself |
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Term
True or False
When the cost of a serivce outweigh its benefits, its is a good purchase |
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Term
True or False
You must be able to differentiate between your needs and your wants |
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Ture or False
Income and spending must balance each other |
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Ture of False
A car payment is an example of a variable expense |
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