Banking
How does a bank make money?
Uses deposits to give loans.
Earns a profit on interest and fees.
It is recommended to put X hours of space between a spending decision and a spending action.
24.
This is a document provided by your employer that gives a breakdown of your earnings, taxes, and deductions for each pay period.
Pay Stub.
This type of tax has rates and rules that vary widely depending on the local government's regulations.
Local Income Taxes.
There are two types of deposit accounts. Savings Accounts and what?
Checking Accounts.
What are the Two Money Solutions?
Get More, Spend Less.
This term refers to your total earnings BEFORE taxes and other deductions are taken out.
Gross pay/income.
This form, provided by employers, summarizes your annual earnings and tax withholdings for filing your tax return.
W-2.
This type of fee occurs when your bank account balance goes negative.
Overdraft fee.
This is considered your most powerful wealth tool.
Time.
This term refers to your total earnings AFTER taxes and other deductions are taken out.
Net Pay/Income.
This type of tax has rates that vary by state and can range from zero to several percent of your income.
State Income Taxes.
"Pain of Paying"
Swiping/tapping a card doesn't feel as real as what?
Handing over cash.
50% of money should go towards Fixed expenses, 30% should go towards Variable expenses, and 20% should go towards this category.
Savings.
I make $20 per hour. In one week, I worked 40 hours. How much money did I earn for that one week?
$800.
(20*40=800)
W-4.
$200
- $50
- $25
+$10
--------------------
$135
Smart spending starts with knowing the difference between these two things.
Wants vs. Needs.
This term refers to the lowest amount that employers can legally pay their employees.
Minimum Wage.
This type of tax has progressive rates, meaning they increase as your income increases.
Federal Income Taxes.