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Financial Lit S2

TermDefinition
W-2 Document an employer is required to send to each employee and the Internal Revenue Service (IRS) at the end of the year. A W-2 reports employees' annual wages and the amount of taxes withheld from their paychecks.
W-4 instruct the employer how much to withhold from your paycheck.
I-9 verify the identity and employment authorization of individuals hired for employment in the United States.
1040 used by U.S. taxpayers to file an annual income tax return.
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 Federal Insurance Contributions Act and is deducted from each paycheck.
Gross without deduction of tax or other contributions; total.
Net total amount after taxes or costs have been removed
Deductions an amount that is or may be deducted from something, especially from taxable income or tax to be paid.
Resume a formal document that a job applicant creates to itemize their qualifications for a position
Cover letter serves as the introduction to your resume.
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 conduct an official financial examination of
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 another, especially a family member, for financial support.
Discretionary spending a cost that a business or household can survive without, if necessary.
Mandatory spending spending for entitlement programs and certain other payments to people, businesses, and state and local governments.
Medicaid 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 federal health insurance for people 65 or older
Standard deduction a specific dollar amount that reduces the amount of income on which you're taxed.
Unearned income income from investments rather than from work.
Withholding An employer generally withholds income tax from their employee's paycheck and pays it to the IRS on their behalf.
Cosigner a person who is obligated to pay back the loan just as you, the borrower, are obligated to pay.
Deferment the action or fact of putting something off to a later time; postponement.
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 usually are awarded only to undergraduate students who display exceptional financial need and have not earned a bachelor's
Grant agree to give or allow
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 refers to the act of taking out a new loan to pay off other liabilities and consumer debts.
Principal denoting an original sum invested or lent.
Interest money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt.
Student aid report 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: 9475030
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