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Personal Finance

Final

TermDefinition
Taxes required charges by citizens
Form W-4 withholding allowance certificate(determines amount of money withheld for taxes)
I-9 proves identity avoids hiring non US citizens
Form W-2 Wage and tax statement states amount of money earned and taxes paid throughout year
paycheck paper check with stub: least secure
Pros and Cons of paycheck Pros: controls when deposited Cons: responsible for getting it to the bank
Direct Deposit employers directly deposit employee's check into authorized bank account
Pros and Cons of direct deposit Pros: no direct handling, knows exactly when you will be paid Cons: have to physically go and get cash
Payroll Card electronically carries balance of employee's net income
Pros and Cons of payroll card Pros: wages automatically loaded onto card Cons: Charge fees for use of card
Personal Information full name, address, SS #/ employee ID #
Pay Period length of time for which an employee's wages are calculated
Year-to-Date totals all the deductions from Jan 1 from the end of the pay period
Gross Income Calculated by multiplying hours worked by wage
Payroll Withholdings amount of money subtracted for taxes
Withholding Tax The amount required by law employers to withhold from earned wages to pay taxes
FICA Federal insurance contribution act Social Security and Medicare
Net Income The amount left after all payroll deductions have been taken from the gross income
Medicare medical insurance for disabled or elderly
Social Security retirement for elderly or disabled
Job a specific task done as a part of routine of one's occuaption
Well-being sate of being happy, healthy, and prosperous
Occupation A wide category of jobs
Standard of Living minimum necessities thought to be essential
Transferable skills skills acquired through he process of self-investing
Career A lifetime journey of building and making good use of skills
Human Capital The process of self-investment
short term goal completed in a year or less
long term goal completed in a year or more
S in SMART goal Specific state exactly what needs to be done
educational goal help individuals prepare for success in the workplace
financial goal a goal that guides financial planning
M in SMART goal Measurable include how the goal can be measured
A in SMART goal Attainable determine steps to reach goal
R in SMART goal Realistic do not set goals for something unrealistic
T in SMART goal Time-Bound state when the goal will be met
decision A choice that is made about things that affect a person’s life.
routine decision Made on a day-to-day basis everyday. They don’t require a lot of thought and can become habits.
major decision Have long-term effects and should be made carefully and with a lot of thought
financial decision A type of major decision. It impacts on an individual's or family’s well- being.
value a belief that is important, desirable, or worthwhile
Decision-Making Process STEP 1 identify the problem
Decision-Making Process STEP 2 list alternatives (brainstorm pros and cons)
Decision-Making Process STEP 3 decide
Decision-Making Process STEP 4 evaluate the results
need something necessary or required for life
want something unnecessary but desired
bartering direct exchange of one good for another
Money an item or commodity tb=hat is agreed to be accepted in trade
commodity money coins containing precious metals
representative money tokens or pieces of paper that are not valuable, but can be exchanged for as specific commodity
examples of commodities gold and silver
fiat money similar to representative but can not be redeemed for a commodity
Created by: 10999