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Strand 2 Flashcards
| Term | Definition |
|---|---|
| W-2 | Reports wages and taxes to employees |
| W-4 | Tells employer amount of tax that should be withheld from an employee |
| I-9 | Identifies if employee is legally allowed to work |
| 1040 | Used to file tax returns |
| TC-40 | helps businesses calculate their taxable income and deductions |
| FICA | Federal Insurance Contributions Act |
| Gross | Amount of money made before any deductions |
| Net | Amount of money made after deductions |
| Deductions | Reasons money is taken from gross income. Ex. Taxes, healthcare |
| Resume | A document that is used to show your strengths to an employer in order to get hired |
| Cover letter | A document that briefly describes the contents of your resume |
| Soft skills | Attributes that allow you to work and interact with people around you in a harmonious way |
| Salary | The amount of money you make in a year |
| Audit | A document that shows the inventory and transactions in a bank account |
| Capital gains | Profit from an investment |
| Income | The amount of money you make |
| Dependent | Someone who requires financial support |
| Discretionary spending | Money approved of by congress that is used to support government and foreign efforts |
| Mandatory spending | Money that is used for required services within the country |
| Medicaid | Healthcare that is provided for low income people |
| Medicare | Private healthcare |
| Standard deduction | A set amount of money that is set aside to not be taxed |
| Unearned income | Money you earn that you did not work for |
| Withholding | Amount of money set aside for the government to use until it is claimed |
| Cosigner | a person who agrees to be legally responsible to pay a debt if the borrower does not pay back a loan as agreed |
| Deferment | putting something off to a later time |
| Subsidized loans | loans for undergraduate students with financial need |
| Pell grant | money the government provides for students who need to pay for college |
| Grant | Money given to someone from the government |
| Scholarship | Money from the government that is used to pay for school |
| Work study | A program where you work and attend school |
| Loan consolidation | Adding loans together to make it more simple |
| Principal | the money that you originally agreed to pay back |
| Interest | The amount of money added to a loan over time |
| Student aid report | Gives you information about your ability to apply for financial aid |
| Tuition | Cost of attending college |
Created by:
penunhan
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