1
A fixed amount of money paid for each hour of work.
What is hourly rate?
Sum of money withheld from an employee's pay
payroll deductions?
The amount of income tax kept by your employer.
What is withholdings?
Money put into a bank account.
What is deposit?
CD
What is certificate of deposit?
The total amount of money twice a month.
What is Bi-weekly pay?
Transactions that increase your bank balance.
What is deposit? or What is Credit?
Checks that the financial institution has already paid.
Canceled Checks?
A sheet from the bank each month that lists all your checks that the bank has cleared, including any automatic transfers, ATM transactions and deposits that the bank has recorded since your last statement.
What is bank statement?
A fee charged by a bank for services rendered.
What is service charge?
Extra pay for hours worked beyond regular hours.
What is overtime pay?
Money withheld by an employer from an employees paycheck to pay federal government taxes.
What is Federal Income tax?
EFT
What electronic fund transfer?
A monetary account that allows the holder to write checks against money that has been deposited in it.
What is checking account?
The amount of money you actually receive in your paycheck after deductions. Also called take home pay.
What is net pay?
The amount of money subtracted from each pay check by your employer.
What payroll deductions?
A federal government program to provide medical insurance, financed by taxes
What is Medicare?
state tax, that is tax a fixed percentage of all taxable income
What is a flat rate tax?
To compare your check register with the bank statement of your checking account to make sure they agree.
What is reconcile?
Predetermined monthly expenditures.
What is budget?
The amount an employee receives in a given pay period after required FICA tax and income tax deductions.
What is net pay?
A federal government program to pay for retirement and disability benefits, financed by taxes.
What is Social Security?
When Checkbook and the bank statement balance are equal.
What is reconcile?
A record you keep of your checking account deposits, withdrawels, and transfers.
What check register?
The amount of money a person makes before taxes and other deductions are taken out.
What is gross pay?