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FL Strand 2
| Term | Definition |
|---|---|
| W-2 | Information about your income from your employer and tax withdrawals from paychecks. |
| W-4 | So your employer can withhold the correct amount of federal income tax from your pay. |
| I-9 | A way for companies to verify work eligibility. |
| 1040 | What tax payers use to files taxes with the IRS. |
| TC-40 | Income tax earned in a certain period and when it's due. |
| FICA | U.S federal payroll tax. |
| Gross | Total amount of money earned before deductions have been taken off. |
| Net | All revenues and sales by a business less the cost of distribution of products |
| Deductions | Expense subtracted from a taxpayers net income to reduce the amount for taxation. |
| Resume | A formal document a job applicant makes to show their qualifications for a position. |
| Cover Letter | Something that works as an introduction to another document, in this case a resume. |
| Salary | Amount of money paid to an employee. |
| Soft Skills | Skills that can be applied to any profession. |
| Audit | An official inspection of something. |
| Capital Gains | Selling assets for more than the adjusted basis. |
| Income | Money received usually through regular bases. |
| Dependent | Needing something or unable to function without something. |
| Discretionary Spending | A cost that a business/household can survive without, if necessary. |
| Mandatory Spending | Direct spending by mandated laws. |
| Medicaid | Federal program that pays for low-income individuals medical services. |
| Medicare | Federal health insurance program for those over 65 years of age and some younger peoples with disabilities. |
| Standard Deduction | Portion of income not subject to taxes that can be used to reduce your tax bill. |
| Unearned Income | Company liability when monies are received by companies that don't have certain goods or services provided yet. |
| Withholding | Refusal to give something that is desired. |
| Cosigner | Someone who agrees to be legally responsible to pay a debt if the borrower doesn't pay back agreed loan. |
| Deferment | Putting something behind schedule or postponing. |
| Subsidized Loans | Loans for undergraduate students of financial need minus family contribution and financial aid. |
| Pell Grant | For undergraduate students who display large need for financial need and have not earned a bachelors, graduate or professional degree. |
| Grant | Financial award given to someone or a company to makes goals and performance better/easier. |
| Scholarship | A grant or payment given to help support a students education usually awarded by academic achievement. |
| Work Study | Part-time jobs for undergraduate students with financial need to allow them to help pay for education. |
| Loan Consolation | A personal loan you use to pay off existing debt. |
| Principle | A truth or proposition or rule that serves as a foundation for a system of beliefs. |
| Interest | Money you owe when borrowing or receive when lending. |
| Student Aid Report/SAR | A report that gives you information about your eligibility for any student aid. |
| Tuition | Money a school charges for enrollment or teaching instruction. |
Created by:
kentaura
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