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Finance

AnswerQuestion
Taxes Required charges of citizens by local, state, and federal governments.
Form W-2 (Wage and Tax Statement) States the amount of money earned and taxes paid throughout the previous year.
Pay Check Paper check with stub
Direct Deposit Employers directly deposit employee’s paycheck into the authorized employee’s bank account.
Payroll Card A payroll card electronically carries the balance of the employee’s net income
Personal Information The employee’s full name, address, and social security number or employee identification number
Pay Period The length of time for which an employee’s wages are calculated
Gross Income The total amount of money earned before payroll withholdings
Payroll Withholdings The amount of money subtracted from the gross income for taxes. Typically about 30% of your paycheck!
Withholding Tax The amount required by law for employers to withhold from earned wages to pay taxes
FICA-Federal Insurance Contribution Act (Federal Old Age Survivors Disability Insurance Employee Employment Tax) helps provide retirement income for the elderly and pays disability benefits
Fed MED/EE (Federal Medicare Employee Employment Tax) or Medicare health care program for the elderly and disabled
Net Income The amount left after all payroll deductions have been taken from the gross income
Year-to-Date Totals all of the deductions which have been withheld from an individual’s paycheck from January 1 to the last day of the pay period indicated on the paycheck stub
Goal something a person intends to accomplish
Short-Term-Goal can be accomplished within one year
Long-Term-Goal can be accomplished in more than one year
SMART Goals In order to set goals effectively, they need to be well written
Education Goal Help individuals prepare for success in the workplace
Financial Goal A goal that guides financial planning
Decision A choice that is made about things that affect a person’s life
Values fundamental beliefs or practices about what is desirable, worthwhile, and important
Need something necessary or required for life
Want something unnecessary but desired
Created by: 318918
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