Shared Flashcard Set

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budgeting
unit 3 flashcards
18
Other
12th Grade
10/24/2006

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Cards

Term
MEDICARE
Definition
Tax used to fund hospital insurance provided by the social security system
Term
SOCIAL SECURITY
Definition
A tax used to provide support to old aged, survivers, and disability insurance
Term
NET
Definition
Gross income minus deductions
Term
EXPENSES
Definition
Any money spent or given away
Term
BUDGET
Definition
A plan for spending and saving money
Term
VARIABLE
Definition
Expenses that change from month to month
Term
TAXES
Definition
Fees used to support goverment programs
Term
INCOME
Definition
Any money a person recieves
Term
CASH MANAGEMENT
Definition
SOMETIMES REFERRED TO AS CASH FLOW
Term
PYF
Definition
pay yourself first
Term
STATE
Definition
tax collected by emplorerand paid to the state revenue department
Term
Deductions
Definition
Amount subtracted from Gross incomw
Term
Gross income
Definition
Amount of income before deductions
Term
Fixed
Definition
Expenses that have a set doller amounteach month
Term
Federal
Definition
Taxes paid to internal revenue service (IRS)
Term
W-4
Definition
shows how much to withold from your paycheck for taxes
Term
W-2
Definition
Shows taxes withheld from your paycheck that year
Term
Envelope system
Definition
A system to keep money witout having an an account
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