Key Concepts
A surplus is income _ expenses
greater than
The S stands for
Specific, clear and detained
What is minimum wage in NJ
$15.13
____is the total earnings before any deductions, including salary, bonuses, and overtime. Net pay is the amount an employee takes home after all deductions, such as taxes, insurance, and retirement contributions
gross pay
____ tax is money that is taxed on ones wages, salaries, or other forms of ____
Income
Deficient is income _ expenses
Less than
The M stands for
Measurable, quantifiable
Employees who work for wages are payed for each ___ worked
hour
Net pay = ____-____
gross pay, total deductions
___ tax is money taken off of ones paycheck
payroll
Short term goals take ______
a few weeks- a year
The A stands for
Attainable, realistic
___ is the money you make money based off costumers gratuity
tip
Net pay__ gross pay
<
____ taxes are money that is taxed when you own ___ that helps fund schools, roads, etc
Property
Long term goals take ____
3 to 5 years
The R stands for
Relevant, meets a real need
___ is ones yearly pay before taxes
salary
The money you actually take home is
Net pay
___ tax is a consumption tax
sales
Net worth is the difference between what you ___ and what you___
own,owe
The T stands for
Timebound, has a deadline
____ is the money people make based off sales
commission
The main source of deductions from gross pay is __
tax
Depositing ____ .In general, you must deposit federal income tax withheld as well as the employer and employee social security
employment taxes