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FPU Chapter 10 Career Choices & Taxes
FPU Chapter 10 Career Choices & Taxes
15
Business
11th Grade
01/11/2013

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Term
Career
Definition
Your line of work
Term
Contact Letter
Definition
Your first contact with a potential employer
Term
Cover Letter
Definition
letter informing a prospective employer that you are interested in working for their company
Term
FICA(Federal Insurance Contributions Act)
Definition
Government legislation that funds Social Security
Term
Income Tax
Definition
Progressive Tax on the financial income of indiviguals, companies,deceased estates, and certain bankruptcy estates paid to the government
Term
Interview
Definition
A meeting between an employer and an applicant;the employer asks the applicant questions to asses wheather he or she has the right social skills and intelligence for the job
Term
Payroll Deduction
Definition
The amount subtracted from a paycheck, either by government requiremen(mandatory taxes,Social Security,etc.) or at the employee's request (health insurance,retirement plan,etc)
Term
Resume
Definition
The document that lists personal and work history
Term
Vocation
Definition
The career field you should be in according to your intrests and personality traits
Term
Head of Household
Definition
An unmarried taxpayer who provides more than 50% of the cost of keeping up a home for both their self and dependents or another qualified indiviual
Term
Spouse
Definition
Your wife or husband
Term
Dependents
Definition
A person who relies on someone else for financial support
Term
Withholdings
Definition
Also known as FIT (Federal Income Tax withholding.This is pay-as-you-earn tation.Taxes are taken out of your wages or other income before you recieve the money
Term
Allowances
Definition
The neumber you calculate and put on your Form W-4 your employer can calculate the amount of income tax to withhold from your paycheck.The more allowances you claim, the less income tax will be withheld. Usually,you cliam one allowance each for yourself,your spouse, and each of your dependents
Term
Deductions
Definition
Amount subtracted from an employee's gross pay to reach net pay.
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