Income
earned income
Your total income withOUT deductions is called?
Gross income
This method of payment is passed from hand to hand and is available for use right away
Cash
On a pay statement, what does "pay period" mean?
The time period you are being paid for. Could be a week, two weeks, etc..
What is the name of the US currency?
US Dollar
This income is generated from things you own
assets or investments
Your income AFTER deductions
Net income
This method of payment will arrive in the mail or be picked up in the office
Check
On my pay statement, which amount will be greater: my gross pay or my net pay?
My GROSS pay will be greater, as this is the amount of money BEFORE deductions are taken out
What is the name of currency from Mexico
Mexican Peso
This income comes from the Government, and helps you when you are in need
Entitlements, or Public benefits
TANF, SSDI, SSI, etc..
If you owe money, and "they" take it from your pay-check, this is called...
This method of payment goes straight to your account, electronically
direct deposit
Name at least two deductions that likely to be taken from your pay?
Health insurance, taxes (Federal and State), SSI, Medicare, retirement account, etc..
What country uses the Yen?
Japan
What are some examples of "other income"?
gifts, child support, alimony
What types of debt might lead to your wages being "garnished"?
unpaid taxes, unpaid child support, unpaid student loans
Name one pro and one con of CASH
Pro; accepted everywhere, use right away, deposit where you want, etc..
Con; lost or stolen, no insurance, no online purchases, no credit history building, etc..
What would your "leave balance" show?
Your "leave balance" shows how much time off or personal days/sick days that you have accumulated
Which country uses the Ruble as currency?
Russia
What is the word for your entire year's pay?
annual income, annual salary
Gross income minus ________ equals: Net income
deductions
Name one pro and one con of paper checks:
Pro; deposit where you want, can load onto prepaid card, cash it at your bank
Con; wait time before funds are available, can be lost or stolen, might need an account to cash it
What is the difference between a W-4 form and a W-2 form?
W-4 is your Federal Employee's withholding Certificate
W-2 is provided to you each year, and shows how much you earned and how much was withheld
Which country uses the Yuan as currency?
China