Miscellaneous Items-VI
_______________________ includes things that are protected in an insurance policy.
Coverage
A________________is the withholding form each new employee fills out, stating the number of exemptions. The more exemptions listed, the less withholding tax will be taken from the paycheck.
W4
_______________________covers property damage or legal liabilities in the event of an auto accident, or property damage in the event of theft.
Automobile Insurance
_____________________ total income, before tax and payroll deductions, made in a year.
Gross Income
An unchanging expenditure is referred to as a(n)__________________________.
fixed expense
A_________________ is a fixed sum paid regularly by an employer to an employee after retirement.
pension
A______________is a report sent from the employer to both the IRS and the employee, showing gross income, total taxes paid, and total voluntary deductions.
W2
A______________is an agreement or contract between an individual and an insurance company.
policy
A_________________is a retirement savings plan for self-employed professionals or owners of small businesses; it affords the same tax benefits as a 401(k).
Keogh plan
A loan with equal number of payments of the same amount over a fixed period of time is called a(n)______________________________.
installment loan
______________ is money received after all adjustments and tax-deductions are made
Net Pay
A___________________is a number that includes the taxpayer and any dependents; since most teens are listed as dependents on their parents’ taxes, their tax exemption is 0.
tax exemption
A__________________is a report on interest income sent from the bank to both the IRS and the taxpayer for savings account interest.
1099INT
A _____________________is the amount of deduction given for those not claimed as a dependent on a parent’s taxes.
standard deduction
An ________________________is an unforeseen cost, which is not included in your budget.
unexpected expense
In terms of a career, an effort one makes (or a milestone one achieves) in bettering one’s career is known ________________________________.
advancement
_____________________ is the process of acquiring knowledge and developing skills, often through formal education resulting in a specialized degree.
Education
A loan with equal number of payments of the same amount over a fixed period of time is called a(n)______________________________.
installment loan
___________________is the name given on the paycheck stub for Social Security and Medicare taxes.
(FICA) Federal Insurance Contributions Act
A(n) ___________ is the type of Individual Retirement Account, which is not tax deductible, but may not be subject to income tax upon withdrawal.
Roth IRA
A(n) ________________is what you send with your résumé to provide more information about you.
Cover Letter
The amount by which expenditures exceed income is called a _____________________.
deficit
___________________ covers the cost of both planned and unexpected health services.
Health Insurance
The persons who depend on someone for their livelihood are called___________________.
dependents
_________________is the tax paid to the state, federal, and local governments based on income earned over the past year.
Income Tax