Career
learning period of working with someone
Apprenticeship
calculates a number colleges use when determining financial aid eligibility
FAFSA
When prices for goods and services go up over time.
Inflation
When your paycheck is automatically put into your bank account
Direct Deposit
Used to report income and calculate taxes owed or refunds due
1040
A person who starts a business and takes risks to make money.
Entrepreneur
Money or assistance that helps students pay for education
Financial Aid
The chance that something could go wrong or money could be lost.
Risk
The amount of your income that is used to calculate your taxes
Taxable Income
W-2
A person who works for themselves instead of an employer.
Self Employed
Education or training after high school, such as college, trade school, or technical school
Post-secondary Education
When a business spends more money than it earns.
Loss
Money taken out of a paycheck to pay taxes
Witholding
Used for many types of non-employee income, including independent contractors
1099
Everything an employee receives from a job, including pay and benefits.
Compensation Package
Money borrowed to pay for education that must be paid back, usually with interest.
Student Loan
A period when the economy slows down, businesses make less money, and people may lose jobs.
Recession
Money actually deposited into your account. Also called: Take-Home Pay
Net Income
W-4
asks whether the money and time spent on education are worth the increase in lifetime earnings.
ROI (Return on Investment)
post bachelors professional school
Graduate Degree
How much you can buy with your money. When prices rise, purchasing power usually decreases.
Purchasing Power
Money earned before deductions. Formula: Hours × Hourly Rate
Gross Income
Confirms identity and work authorization
I-9