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6000 Vocabulary

TermDefinition
Salary What you will be paid, a yearly total.
Hourly What you will be paid, an hourly total.
Wage What you are paid
Benefits Compensation in addition to pay. Includes insurance, retirement savings, etc.
Total compensation The combination of both salary and benefits.
Pay period The time you work added together on your paycheck, usually two weeks.
Payroll taxes Taxes taken out of your paycheck. Include Social Security, income tax, and Medicare.
FICA tax Federal Insurance Contributions Act tax, includes Social Security and Medicare deductions from your paycheck.
Federal income tax A tax, based on income, taken out of your paycheck.
Paystub The information about your pay, including taxes, current, and year-to-date pay.
Direct deposit The process of having your paycheck sent directly to a bank or credit union instead of being paid with a paper check.
Deductions Money, usually taxes, taken out of your paycheck before you are paid.
Gross pay Your pay before taxes.
Net pay Your pay after taxes.
Wants Should make up 30% of your income. Includes things that are not necessities, for emergencies, or savings.
Needs Should make up 50% of your income. Includes food, transportation, and healthcare.
Savings Should make up 20% of your income. Includes money set aside for emergencies, retirement, a special need or want, etc.
Minimum wage The lowest wage an employer can legally pay their employees.
Entry-level Refers to a job or wage level designated for recent graduates that requires minimal skills and experience.
Debt Money you owe to any source.
Loan Money you borrow that must be repaid.
Interest The payment to a lender for borrowing their money.
Compound interest Interest that is added to the total amount owed on a loan and then recalculated.
Simple interest The product of the total amount borrowed, the rate of interest, and time.
Credit (score) A rating based on how faithful you have been paying bills or repaying loans and interest.
Grant Money gifted to students based on financial need.
Scholarship Money students apply for and receive based on academics or performance; this money does not need to be repaid.
Student loan Money students apply for from a lender to pay for school. This money must be repaid.
FAFSA The federal form students must complete to be eligible for government loans and grants.
Subsidized Loans on which the government pays the interest.
Unsubsidized Loans on which the student pays the interest.
Principal The original amount of money borrowed, the amount of the loan.
Loan term The amount of time of a loan, usually months or years.
Interest rate The percentage of interest that the borrower is responsible for repaying.
Mortgage Money you borrow to purchase a home.
Down payment When buying a home or car, the amount of money that the borrower pays before the loan begins.
Fixed (rate mortgage) An interest rate that does not change during the term of the loan.
Bank A for-profit financial institution that offers a place to keep, save, or borrow money.
Credit union A nonprofit financial institution that offers a place to keep, save, or borrow money.
Accrue Something added, like money or interest, over a period of time.
Created by: dupreejp
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