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unti 3 flash cards
budgeting
17
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12th Grade
10/24/2006

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Cards

Term
Medicare
Definition
tax used to fund hospital insurance
provided underthe social security system
Term
social security
Definition
a tax used support to old- age, survivors, and disability insurance
Term
income
Definition
any money a person recieves
Term
expenses
Definition
any mone yspent or given away
Term
state taxes
Definition
a tax collected by the employer and paid to the state revenue department
Term
variable
Definition
expenses that change from month to month
Term
fixed
Definition
expenses that have a set dollar amount each month
Term
gross
Definition
the amount of income before deductions
Term
taxes
Definition
fees used to support the government
Term
budget
Definition
a plan for spending and saving money
Term
cash managment
Definition
soemtimes referred to as cash flow
Term
pyf
Definition
paty your self first
Term
deductions
Definition
amounts subtracted from gross income
Term
net income
Definition
money after deductions
Term
W-2
Definition
it is an earnings summary from each employer you wroked for during the previous year
Term
W-4
Definition
a form that allows you to controll the amount of allowances
Term
how to find out the amount made hourly
Definition
divide the amount of money mad before deductions and divide by how man yhousr worked
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