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Strand 3

Financial literacy

QuestionAnswer
Salary Money paid at regular times for work or services
Wages A payment usually of money for labor or services usually according to a contract and on an hourly, daily, or piecework basis.
Commissions A payment made to employees based on the value of sales achieved.
Tips Additional payment for good service.
Benefits Extra perks to encourage someone to join your organization, such as insurance coverage
Pay yourself first Putting money aside to save for yourself in the future
FAFSA The FAFSA form is an application for federal student aid. Filling it out can help students pay for college or career school.
Scholarship Financial educational support based on achievement
Grant Financial educational support based on need
Work study A college program that enables students to work part-time while attending school.
College/University An institution of higher education and research which awards academic degrees in several academic disciplines.
Trade school Any post-secondary educational institution that offers training for a specific job.
Apprenticeship On the job training
Pay stub A document that's given to an employee each payday. It shows their total amount earned, less deductions for things like tax.
FICA Federal Insurance Contributions Act. Requires that wage earners contribute a portion of their earnings to fund the Social Security and Medicare.
Gross An individual's total earnings before taxes or other deductions.
Net pay The amount of money you bring home after taxes and deductions are taken out of your paycheck.
Mandatory spending Government spending required by congressional mandated laws.
Discretionary spending Money formally approved by Congress and the President during the appropriations process each year.
W-4 IRS document you complete for your employer to determine how much should be withheld from your paycheck for income taxes.
I-9 Used to verify the identity and employment authorization of individuals hired for employment in the United States.
W-2 A wage and tax statement used to file a tax return that an employer must give to each employee every year by January 31st
1040 Form used to file federal income taxes.
Standard deduction A portion of income that is not subject to tax and can be used to reduce a tax bill instead of itemizing deductions.
Deductions Items or expenses that can reduce the taxes a person owes in a given year.
Dependent Someone who relies on another person for financial support, such as for housing, food, clothing, necessities, and more.
Created by: Pineapple3472
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