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Finance
| Answer | Question |
|---|---|
| Taxes | Required charges of citizens by local, state, and federal governments. |
| Form W-2 (Wage and Tax Statement) | States the amount of money earned and taxes paid throughout the previous year. |
| Pay Check | Paper check with stub |
| Direct Deposit | Employers directly deposit employee’s paycheck into the authorized employee’s bank account. |
| Payroll Card | A payroll card electronically carries the balance of the employee’s net income |
| Personal Information | The employee’s full name, address, and social security number or employee identification number |
| Pay Period | The length of time for which an employee’s wages are calculated |
| Gross Income | The total amount of money earned before payroll withholdings |
| Payroll Withholdings | The amount of money subtracted from the gross income for taxes. Typically about 30% of your paycheck! |
| Withholding Tax | The amount required by law for employers to withhold from earned wages to pay taxes |
| FICA-Federal Insurance Contribution Act (Federal Old Age Survivors Disability Insurance Employee Employment Tax) | helps provide retirement income for the elderly and pays disability benefits |
| Fed MED/EE (Federal Medicare Employee Employment Tax) or Medicare | health care program for the elderly and disabled |
| Net Income | The amount left after all payroll deductions have been taken from the gross income |
| 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 |
| Goal | something a person intends to accomplish |
| Short-Term-Goal | can be accomplished within one year |
| Long-Term-Goal | can be accomplished in more than one year |
| SMART Goals | In order to set goals effectively, they need to be well written |
| Education Goal | Help individuals prepare for success in the workplace |
| Financial Goal | A goal that guides financial planning |
| Decision | A choice that is made about things that affect a person’s life |
| Values | fundamental beliefs or practices about what is desirable, worthwhile, and important |
| Need | something necessary or required for life |
| Want | something unnecessary but desired |
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