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MFLD MOD1

Module 1 Intro to Finance

TermDefinition
Community a group of people working together for a common good
Deductions The amount of money subtracted or deducted from the gross pay for mandatory systematic taxes, employee sponsored medical benefits, and/or retirement benefits
Dependent person who relies on the taxpayer for financial support
Earned income money earned from working for pay
Education goals enable individuals to prepare for future success in the workplace
Excise taxes taxes charged on consumption items
Fed OASDI/EE or Social Security The nation’s retirement program- This tax helps provide retirement income for elderly and pays disability benefits- Social Security taxes are based upon a percentage (6_2%) of the employee’s gross income- The employer matches the contribution made by the
Federal Withholding Tax The amount required by law for employers to withhold from earned wages to pay taxes- This represents the largest deduction withheld from an employee’s gross income- The amount withheld depends upon two things: the amount of money earned and the informatio
FICA (Federal Insurance Contribution Act) This tax includes two separate taxes: Fed OASDI/EE or Social Security and Fed MED/EE or Medicare- These two taxes can be combined as one line item or itemized separately on a paycheck stub
Financial goals specific objectives to be accomplished through financial planning
Form I-9 the Employment Eligibility Verification Form used to verify the eligibility of individuals and to avoid hiring undocumented workers
Form W-4 also known as an Employee’s Withholding Allowance Certificate- The information provided on this form determines the percentage of gross income to be withheld for taxes
Goal defined as the end result of something a person intends to acquire, achieve, do, reach, or accomplish
Gross Pay The total amount of money earned during the pay period before deductions- If a person earns an hourly wage, gross pay is calculated by multiplying the number of hours worked by the wage include food, water, and shelter
Income tax tax on earned and unearned income
Internal Revenue Service(IRS) governmental agency responsible for collecting federal taxes, issuing regulations, and enforcing tax laws written by the United States Congress
Long-term goals specified as more than one year
MED/EE or Medicare The nation’s health care program for the elderly and disabled- This tax provides hospital and medical insurance to those who qualify- Medicare taxes are based upon a percentage (1_45%) of the employee’s gross income
Medical The amount taken from the employee’s paycheck for medical benefits- This occurs when the employer has a medical plan for employees, but does not pay full coverage for his/her benefits
Need something thought to be a necessity or essential items required for life
Net Pay The amount of money left after all deductions have been withheld from the gross pay earned in the pay period
Pay Period The length of time for which an employee’s wages are calculated usually weekly, bi-weekly, twice a month, or monthly
Payroll card prepaid card that is offered to employees as an alternative to paper paychecks or directly depositing wages into an employee’s depository institution account
Payroll tax tax on earned income that supports the Social Security and Medicare programs
Personal Information States the employee’s full name, address, and Social Security or Employee Identification number
Property tax is a tax on property, such as land, buildings (including homes), and motor vehicles (automobiles, boats, etc)
Retirement Plan The amount an employee contributes each pay period to a retirement plan- A specified percentage of the contribution is often matched by the employer- This may be a 401K, state, or local retirement plan
Salary Employee earning a set amount for a specified time period
Sales tax a tax on items purchased in retail stores
Short-term goals specified as less than one year
Smart cards Most payroll cards are smart cards, which have money electronically loaded onto them each pay period with funds automatically deducted from the balance when a purchase is made
State Withholding Tax The percentage deducted from an individual’s paycheck to assist in funding government agencies within the state- The percentage of deduction depends upon the amount of gross income the employee has earned
Taxes sum of money demanded by a government to support the government itself as well as specific facilities or services
Taxpayer a person who pays a tax to national, state, county or municipal (city/town) governments
Unearned income income received from sources other than employment
Value a fundamental belief or practice about what is desirable, worthwhile, and important to an individual
Want something unnecessary but desired or items which increase the quality of living
Well being The idea of living a good and happy life
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