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School

Class

TermDefinition
Gross Income Amount of money you have before all deductions
Net Income Take home pay after all deductions
Ocupation A category of jobs with similar characteristics
Standard of living The bare necessities to survive
Bartering Trading an item you don’t need to use anymore and trade that item or items for an item you will use
Taxes Required charges of citizens by local, state, and federal governments
I-9 A form to prove your an American citizen
W-2 States the amount of money earned and taxes paid throughout the previous year
W-4 Employee’s Withholding Allowance Certificate
Paycheck Paper check with stub
Direct deposit Employers directly deposit employee’s paycheck into the authorized employee’s bank account
Payroll card Employers directly deposit employee’s paycheck into the authorized employee’s bank account
Pay period The length of time for which an employee’s wages are calculated Most businesses pay employees either weekly, bi-weekly, or monthly
Personal info The employee’s full name, address, and social security number or employee identification number
Payroll withholding The amount of money subtracted from the gross income for taxes. Typically about 30% of your paycheck
Withhold tax The amount required by law for employers to withhold from earned wages to pay taxes
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
Social Security Helps provide retirement income for the elderly and pays disability benefits
Medicare health care for the elderly
FICA Federal Insurance Contribution Act
Created by: A_Guy_In_A_Box