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Strand 3
Financial literacy
| Question | Answer |
|---|---|
| Salary | Money paid at regular times for work or services |
| Wages | A payment usually of money for labor or services usually according to a contract and on an hourly, daily, or piecework basis. |
| Commissions | A payment made to employees based on the value of sales achieved. |
| Tips | Additional payment for good service. |
| Benefits | Extra perks to encourage someone to join your organization, such as insurance coverage |
| Pay yourself first | Putting money aside to save for yourself in the future |
| FAFSA | The FAFSA form is an application for federal student aid. Filling it out can help students pay for college or career school. |
| Scholarship | Financial educational support based on achievement |
| Grant | Financial educational support based on need |
| Work study | A college program that enables students to work part-time while attending school. |
| College/University | An institution of higher education and research which awards academic degrees in several academic disciplines. |
| Trade school | Any post-secondary educational institution that offers training for a specific job. |
| Apprenticeship | On the job training |
| Pay stub | A document that's given to an employee each payday. It shows their total amount earned, less deductions for things like tax. |
| FICA | Federal Insurance Contributions Act. Requires that wage earners contribute a portion of their earnings to fund the Social Security and Medicare. |
| Gross | An individual's total earnings before taxes or other deductions. |
| Net pay | The amount of money you bring home after taxes and deductions are taken out of your paycheck. |
| Mandatory spending | Government spending required by congressional mandated laws. |
| Discretionary spending | Money formally approved by Congress and the President during the appropriations process each year. |
| W-4 | IRS document you complete for your employer to determine how much should be withheld from your paycheck for income taxes. |
| I-9 | Used to verify the identity and employment authorization of individuals hired for employment in the United States. |
| W-2 | A wage and tax statement used to file a tax return that an employer must give to each employee every year by January 31st |
| 1040 | Form used to file federal income taxes. |
| Standard deduction | A portion of income that is not subject to tax and can be used to reduce a tax bill instead of itemizing deductions. |
| Deductions | Items or expenses that can reduce the taxes a person owes in a given year. |
| Dependent | Someone who relies on another person for financial support, such as for housing, food, clothing, necessities, and more. |
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