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Personal Finance Uni

Ms Loveless's class NCS

QuestionAnswer
Deduction A sum of money that is or may be deducted.
Disposable income Income after taxes that is available to you for saving/spending
Employee benefits non-wage compensations provided to employees in addition to normal wages.
Entrepreneur a risk taker who goes on a business venture for profit
Exemptions a deduction allowed to a taxpayer because of status (blind, senior, etc.)
Human capital a way of defining and categorizing people's skills and abilities as used in employment and otherwise contribute to the economy
Human resources people that staff and operate an organization
Incentives a factor that enables or motivates a particular course of action or effort
Income the financial gain occurring over a period of time
Labor unions an organization of workers who have banded together to achieve common goals
Medicare health care for the aged- a federally administered system of health insurance for those over 65
Payroll deductions reduction of amounts paid to a worker from the worker’s earnings
Social security social welfare program- old age and survivor’s insurance, unemployment insurance, old age assistance
Worker’s compensation insurance for employees that get ill or injured on the job
Fixed expenses always the same amount owed every month (rent, car payments)
Variable expenses costs that change from month to month (gas, food)
Periodic expenses not every month (birthday gifts, car repairs)
Cash flow the money you have going in and out
Gross income total amount of income before deductions
Net income paycheck after deductions (what you deposit or cash in)
4 federal tax deductions Federal income tax, state income tax, social security, medicare tax
Federal income tax a fee to support the federally funded government programs and is paid to the IRS
State income tax a fee collected and paid to the state revenue department to support state programs and is paid to the state revenue department to support state programs
Social security tax is collected to fund this federal fund which provides for old age, survivors, and disabled
Medicare is collected to fund the hospital insurance
Created by: LeoCallie2