Careers
Paychecks and Taxes
Budgets
Extra Vocab
100
This is an occupation that provides you with the basics; cash and something to do to earn it.
What is a job?
100
This is the total amount of money you made before taxes.
What is your Gross Pay?
100
This is a type of expense that you always have to pay, but the amount of the expense fluctuates.
What is a Variable Expense?
100
This is something required for your survival.
What is a Need?
200
This is the relationship between education and income.
As a general rule, the more education you achieve, the higher your income will be.
200
This is the term for the total amount of money in your paycheck after taxes and deductions.
What is your Net Pay?
200
This is a type of expense that you do not have to pay every month or week. These expenses can come at either predictable or unpredictable times.
What is a Periodic or Occasional Expense?
200
This is something an employer offers an employee beyond salary.
What is a benefit?
300
This is an occupation that is your chosen field and that provides you with income, an activity, challenges, opportunities for advancement, and satisfaction.
What is a career?
300
This is a form completed by the employee at their time of hire. The form uses questions to determine how much money will be withheld from the employee's paycheck.
What is a W-4?
300
This is the first step for building a budget.
What is deciding on a time frame for tracking your expenses.
300
This is an employee that receives a pre-arranged amount of money for the year. These employees are paid to complete a specific task, rather than paid for being present for a certain period of time.
What is a Salaried Employee?
400
This is something that an employer offers an employee beyond their salary.
What are benefits?
400
This is a tax form completed by the employer at the end of the year that reports the employee's wages and taxes from the year. One copy is sent to the IRS and one is sent to the employee.
What is a W-2?
400
List at least 3 reasons for having a spending plan.
It helps you determine where you are currently spending your money, it helps you decide where to spend your money in the future, it gives you an organized way to save for things that cost more, and it puts YOU in control of your financial future.
400
This is what YTD stands for. It is the total accumulation on an employee's paycheck from Jan. 1 through today.
What is Year To Date?
500
At least 2 reasons why people change careers throughout their lifetime.
Make more money, advance their position, find more satisfying work, gain work connections/experience, etc.
500
These are the 4 types of taxes deducted from a paycheck.
What is Federal Income Tax, State Income Tax, Social Security Tax, and Medicare.
500
This is what "PYF" stands for and why it is an important part of every budget.
What is Pay Yourself First?
500
This is the length of time over which employee time is recorded and paid.
What is the Pay Period?
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