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Strand 2 EQ
| Term | Definition |
|---|---|
| W-2 | an Internal Revenue Service tax form used in the United States to report wages paid to employees and the taxes withheld from them |
| W-4 | an Internal Revenue Service tax form completed by an employee in the United States to indicate his or her tax situation to the employer |
| I-9 | verify the identity and employment authorization of individuals hired for employment in the United States |
| 1040 | an IRS tax form used for personal federal income tax returns; calculates the total taxable income of the taxpayer and determines how much is to be paid or refunded by the government |
| TC-40 | the name of the report that issuing banks send to Visa to report fraudulent transactions as part of its Risk Identification Service |
| FICA | payroll contribution directed towards both employees and employers to fund federal programs that provide benefits for retirees, people with disabilities, and children of deceased workers |
| Gross | the total amount of income a person or company has earned before deductions against that income |
| Net | the amount an individual or business makes after deducting costs, allowances and taxes |
| Deductions | an expense that can be subtracted from a taxpayer's gross income in order to reduce the amount of income that is subject to taxation. |
| Resume | a formal document that a job applicant creates to itemize their qualifications for a position |
| Cover Letter | a written document commonly submitted with a job application outlining the applicant's credentials and interest in the open position. |
| Soft Skills | personal attributes that enable someone to interact effectively and harmoniously with other people. |
| Salary | a fixed regular payment, typically paid on a monthly or biweekly basis but often expressed as an annual sum, made by an employer to an employee, especially a professional or white-collar worker. |
| Audit | an official inspection of an individual's or organization's accounts, typically by an independent body. |
| Capital Gains | a profit from the sale of property or an investment. |
| Income | money received, especially on a regular basis, for work or through investments |
| Dependent | a person who relies on someone else for financial support and can include children or other relatives |
| Discresionary Saving | the money that an individual or a family has to invest, save, or spend after taxes and necessities are paid |
| Mandatory Spending | mandatory spending is government spending on certain programs that are required by law |
| Medicaide | a state/federal program that pays for medical services for low-income pregnant women, children, individuals who are elderly or have a disability, parents and women with breast or cervical cancer |
| Medicare | a government national health insurance program in the United States |
| Standard Deduction | refers to the portion of income not subject to tax that can be used to reduce your tax bill |
| Unearned Income | income from investments rather than from work |
| Withholding | the percentage of an employee's earnings which are automatically withheld |
| Cosigner | a person – such as a parent, close family member or friend – who pledges to pay back the loan if you do not |
| Deferment | an agreed-upon time during which a borrower does not have to pay the lender interest or principal on a loan |
| Subsidized Loans | loans for undergraduate students with financial need, as determined by your cost of attendance minus expected family contribution and other financial aid |
| Pell Grant | are awarded only to undergraduate students who display exceptional financial need and have not earned a bachelor's |
| Grant | an award, typically financial, from one entity to another, the latter typically an individual, to facilitate a goal or incentivize performance |
| Scholarship | a grant or payment made to support a student's education, awarded on the basis of academic or other achievement |
| Work Study | relating to a college program that enables students to work part-time while attending school |
| Loan Consolidation | efinancing that entails taking out one loan to pay off many others |
| Principal | money lent to a borrower or put into an investment |
| Interest | the price you pay to borrow money or the cost you charge to lend money |
| Student Aid Report (SAR) | an electronic or paper document that gives you some basic information about your eligibility for federal student aid |
| Tuition | a sum of money charged for teaching or instruction by a school, college, or university |
Created by:
horsllau000
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