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PFL Theme 3

Personal Financial Literacy Theme 3

QuestionAnswer
gross pay the total amount of money a worker earns before any deductions are made
FICA Federal Insurance Contributions Act
net pay money that is left after all deductions are taken out of gross pay to spend or save as you wish after you pay your taxes
net worth how wealth is measured
disposable income another name for net pay
budget an itemized summary of income and expenses for a given period
federal income tax this tax helps pay for services provided by the Federal Government, such as defense, human services, and the monitoring and regulation of trade
state income tax this tax helps pay for services provided by state government, such as roads, safety, and health
local income tax this tax helps pay for services provided by the city or other local government, such as schools, police, and fire protection
pay stub this lists your taxable earnings and your net pay
W-2 this form shows the amount of taxes withheld from your paycheck for the year and is used to file your federal and state taxes
fixed expense constant expenses; some examples include car and house payments
variable expense changing expenses; some examples include entertainment and groceries
1040 EZ U.S. Income Tax Return for Single and Joint Filers with No Dependents; An IRS tax form that some individuals can use to file a federal income tax return
Who contributes to the federal Income Tax deduction? employee
401K This is considered a retirement savings plan
marginal tax bracket the range of taxable income that is taxable at a certain rate
progressive tax a tax that takes a larger percentage from the income of high-income earners than it does from low-income individuals
social security tax this FICA tax provides for old age, survivors, and disability
medicare tax this FICA tax provides for hospital insurance for the elderly
W-4 every time an employee begins a new job this form is completed so the employer knows how many allowances the employee is claiming