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flash cards unit 3
budgeting
21
Other
12th Grade
10/24/2006

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Cards

Term
Gross Pay minus total deductions = ?
Definition
Net Pay
Term
A ______ is a plan for saving money
Definition
Budget
Term
______ income tax is a tax that is subracted from your paycheck by your employer to support State programs and is paid to the State Revenue department.
Definition
State
Term
_____________ tax funds hospital insurance programs and also pays health benefits to the elderly and the disabled.
Definition
Medicare
Term
_______ _________ tax is a tax that provides benefits to those of old age, survivors, and disabled.
Definition
Social security
Term
_____________ _____________ is how you handle your money coming in and your money going out.
Definition
Cash Management
Term
P.Y.F. stands for _____________ _____________ _____________.
Definition
Pay yourself first
Term
__________ income is the amount of income you receive from your wages or salary before payroll deductions.
Definition
Gross
Term
__________ are fees placed on income, property, or goods to support government programs.
Definition
Taxes
Term
_____________ _____________ have a set dollar amount. In other words, each payment for this is the exact same amount. Any example would be a mortgage or car payment
Definition
Fixed Expenses
Term
_____________ _____________ can change because they may not always stay the same. For example, you may go out to eat more or less often during one week than another
Definition
Variable Expenses
Term
______________ is the money you have coming in. Usually from a job, but could be from an allowance or gifts as well.
Definition
Income
Term
________ ___________ are amounts that are subtracted from your paycheck each paycheck. For example: Taxes, health insurance, amd retirement savings.
Definition
Payroll Deductions
Term
________ income tax is a fee that is taken out of your paycheck by your employer to support federal government programs and is paid to the IRS.
Definition
Federal
Term
Additional benefits that an employer offer its employees are called ___________ _________.
Definition
Employee Benefits
Term
True or False?
One Job is better then Two
Definition
False
Term
Named 3 Types of taxes
Definition
State, federal, medicare, fica..etc
Term
What is over-time
Definition
time that you worked that you weren't schedueled for.
Term
Old People tax?
Definition
Social Security
Term
What does YTD mean?
Definition
year to date
Term
What is your total hours x your wage = ?
Definition
Gross income
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