Income
Salary before wage or taxes and deductions
Gross Income
An amount of money
spent
Expenditure
What are monthly living expenses?
The amount of money that you
spend on bills that vary in cost
from month to month.
Federal Income Tax Witholding
Taxes indicated and withheld from your check from then federal government
Who is the employer and who is the employee
Employer-Company or person you work for
Employee-Person working for the company
Income after your taxes and payroll deductions (take home pay)
Net Income
Why should you record your expenditures?
to help manage money
What are monthly fixed expenses
The amount of money that you
spend on expenses that
generally stay the same from
month to month
Medicare
Social health insurance program. offered to disabled and people over 65 years of age
What is a YTD (year to date gross pay)
Amount made so far in the year
Mail box money (money you dont actually work for)
Is health insurance voluntary or mandantory
What are annual expenses
Annual expenses are expenses that
you pay once a year.
Social Security
Pays for benefits of retired workers. pays for the countries disabled and dependents of both.
It is better to create a savings at a bank rather than a credit union true or false
False
What is a mandatory deduction
Basic monthly plan) Phone bill is a Need or a want
Need
What is an expense summary?
A summary sheet that compares
the amounts that you spend to the
amounts that you have budgete
State Local Tax
Cost of operation pays for road construction, parks, social services, and schools
If I get paid on a salary this means my pay is fixed or it is different amount?
Fixed
how do i calculate the monthly expenditures?
Divide sum of monthly expenditures by number of months
What is a budget
Amount we are saving or spending
How do you know if your monthly expenses are within budget?
If the amount that you budgeted is
greater than or equal to the actual
amount that you spend you are
within budget
Retirement
Deductions that that allows you to reduce your taxable income by contributing to certain retirement accounts or claiming eligible retirement-related expenses.
What does it mean to get paid hourly?
Person gets paid for every hour worked