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PFL Theme 3
Personal Financial Literacy Theme 3
| Question | Answer |
|---|---|
| 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 |
Created by:
clearviewregional
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