A plan for using your income in a way that bet meets your wants and needs.
What is a budget
100
The amount required by law for employers to withhold from earned wages to pay taxes
What is federal income tax
100
A person who relies on the taxpaper for financial support, like a child or non-working adult
What is a dependent
100
Employee withholding allowance cerificate provides the percentage of gross to be withheld for taxes
What is Form W-4
100
Agency that collects federal taxes, issue regulations, and enforces tax laws written by the United State Congress
What is the IRS
200
The process of planning how to get the most from your income
What is money management
200
Tax to support the nations retirement program
What is social security tax
200
401k plan contributions, FSA contributions and sometimes Medical contributions
What is pre-tax deductions
200
Employment eligibility verfication form
What is I-9
200
employers deposit paycheck directly into the employee's bank account
What is direct deposit
300
expenses that occur regularyl and are paid on a regular basis.
What is fixed expenses
300
The tax to support the nation's health car program for the elderly and the disabled
What is medicare
300
the amount of money earned during a given time period before various deductions
What is gross pay
300
Gross Pay minus deductions
What is net pay
300
Pay on a regular schedule weekly, bi-weekly or monthly
What is pay period
400
Flucuating expenses over which you have no control
What is variable expenses
400
FICA is an abbreviation for
What is the Fderal Insurance Contributions Act
400
Money substracted from you paycheck for taxes
What is withholdings
400
Wages, interest on savings account, money recieved from sales of stocks or rental properties
What is income
400
The type of tax, that when income rises, the taxes remain the same or decrease
What is regressive tax
500
The difference between planned or budgeted spending and actual spending.
What is budget variance
500
When a tax is structured that it takes a larger percentage of income from high income tax payers
What is Progressive taxes
500
Contributions made to company sponsored retirement plan, made by both the employer and employee.
What is a 401k Plan
500
The form that an employer must send to an employee and the IRS at the end of the year, that reports an employee's annual wages and the amount of taxes withheld from his or her paycheck.
What is W-2 Form
500
5 steps for budget planning
What is *set your goals, *est. your income, *est. your expenses, *plan for savings, *balance and adjust your budget as needed