Budgets
One way to get started on the path to financial independence
What is budgeting?
document provided by your bank that details all the transactions on your account over a specific period of time, usually a month.
What is a bank statement?
The Social Security Administration uses this number to keep a record of your covered earnings
What is an SSN? (Social Security Number)
Received from employment, including self-employment.
What is Earn Income?
Subtraction from gross pay
What is a payroll deduction?
One way budgeting can help you
What is creating a savings account?
Paper given to you after proof of purchase
What is a cash register receipt?
Internal Revenue Service, is a bureau of the U.S. Department of the Treasury
What is the IRS?
Payment for work that is usually calculated on an hourly, daily, or piecework basis
What is a wage?
Total income before payroll deductions
What is gross pay?
Having money in an account
What is staying out of debt?
Personal information such as birth certificates, Social Security cards, medical records
What is a legal document?
Number that consists of nine digits and represents you and your finances
What is a Social Security Number?
Total money earned in a week/month/year
What is a job salary?
Take-home pay, is gross pay (plus bonuses) minus payroll deductions
I paid my bills 1 day before the due date
What is paying your bills on time?
Valuable property and possessions inventories with locations, estimated market values, appraisals, and details of purchases
What is an itemized list?
Locate the nearest office for a new card
What is the Social Security office?
The amount paid for working time in a week that is beyond the standard 40-hour workweek
What is an Overtime Wage?
Taxes paid by the employee and employer used to finance the federal Social Security and Medicare programs
What are FICA taxes?
Personal savings towards a school or college
What is financing your education?
Statements from credit accounts
What are billing statements?
People can steal this number and use it to damage your finances
What is identity theft?
Income paid as a percentage of sales made by a salesperson
What is a commission?
Withheld for health care, dental care, vision care, retirement plans, and other insurance that employees purchase through their employers
What are Voluntary Deductions?