Taxes
What does FICA stand for?
The Federal Insurance Contributions Act
What is a financial goal.
specific objectives to be accomplished through financial planning
What are your options after you graduate
Begin a career, trade school, community college, 4-year college/university
What is direct deposit?
the deposit of funds electronically into a bank account rather than through a physical, paper check.
A range of incomes taxed at a given rate
What does IRS stand for?
The Internal Revenue Service
What are the two types of expenses
Fixed expenses and flexible expenses
What does FAFSA stand for
Free Application for Federal Student Aid
What is Gross Pay?
The total amount of money earned during a pay period before deductions
What is Year-To-Date?
Total of deductions that have been withheld from an individual's paycheck from january 1st to the last day of the pay period indicated on the paychecks stub.
What is Social Security
A federal insurance program that provides benefits to retired people and those who are unemployed or disabled
What is a spending plan
a paper or electronic document used to record both planned and actual income through expenditures over a period of time
What is FAFSA
Form that determines financial aid from the government and most colleges
What are deductions?
The amount of money subtracted from gross pay earned for mandatory systematic taxes, employee sponsored medical benefits, and/or retirement benefits
What is the purpose of a W-2 Tax Form?
It shows the amount of taxes withheld from your paycheck for the year
What is Property Tax?
A tax paid on property owned by an individual or other legal entity, such as a corporation
To help set and reach financial goals and an effective spending plan creates wealth
What is interest
Fee that a lender charges a borrower for the service of using their money
What is a Paycheck Stub?
A document included each pay period before deductions
What is a 1099 Tax Form used for?
Used to report non-employment income to the Internal Revenue Service
What is Income Tax?
Tax levied by a government directly on income, especially an annual tax on personal income.
What expenses are included in a spending plan
Housing, Transportation, Food, Insurance, and Savings
What is a grace period and whats the purpose
6 month period after graduation or withdraw from college and it Allows you to situate your finances and select a repayment plan
What is Net Pay?
The amount of money left after all deductions have been withheld from the gross pay earned in the pay period
Why do you fill out a W-4 Tax Form?
you complete a W-4 Tax Form to let your employer know how much money to withhold from your paycheck for federal taxes