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GI/NI/B Vocab SG

Financial Lit

TermDefinition
hourly rate a fixed amount of money for every hour that you work
double time an overtime pay rate
straight-time pay the total amount of money you earn during a pay period at your regular rate
salary a fixed amount of money that you earn on a regular basis
commission an amount of money you are paid for selling a product or service
weekly time card a daily record of when you report to work and when you leave
piecework when you are paid a specific amount of money for each item of work completed
gross income the total amount of money you earn during a pay period
recordkeeping a way to manage your money
expenditures the items you spend your money on
budget sheet a tool to record your expenses
living expenses routine expenses, including amounts for food, utility bills, and pocket expenses
fixed expenses regular expenses which do not vary from one month to the next
annual expense expenses that occur once a year
expense summary compares the amount you spend with your budget
emergency fund extra money set aside for unpredictable expenses
exemption withholding allowances, which allow for supporting yourself, your spouse, and others in your family who are your dependents
federal income tax money withheld by an employer from an employee's paycheck to pay federal government taxes
group insurance health insurance offered by many businesses to employees, paid in part by the business and in part by the employee
medicare a federal government program to provide medical insurance
net pay the amount of money left over after expenses have been deducted from gross profits
social security a federal government program to pay for retirement and disability benefits
withholding allowance the number of people an employee supports, which helps employers know how much money to withhold for federal income tax
Created by: kristenwoodard