Banking
Financial institutions owned by share holders and operate for their profit
Commercial banks
A bank listing of all transactions made from one's account
A sum of money required by the government to support the government itself and other products and services
Taxes
The form you fill out when beginning a new job to tell your employer how much to withhold from your paycheck
W-4
Name 2 benefits of banking online
Convenience, immediately transfer funds, higher interest rates, lower fees
To sign your name on the back of a check payable to you
Endorse
The percentage amount of property tax you pay is dependent on _________
The area you live in
The form your employer gives you at the end of the year stating your total earnings and withholdings for the year
The amount of money earned before any deductions are subtracted
Gross pay
A nonprofit financial institution owned by its members
Credit Union
What type of endorsement would you use on a check that can only be deposited into your account?
Restrictive endorsement
Name 2 products that have excise taxes
Gasoline, cigarettes, alcohol, airline tickets, hotel rooms
The more allowances you claim on your W-4, the _______ money your employer will withhold for taxes
Less
The government agency that controls the filing of income taxes
Internal Revenue Service (IRS)
How do banks make a profit?
Charging customers rates and fees
Checks which you have written but the bank has not yet returned to you
Outstanding checks
What 2 taxes are included under FICA taxes?
Social security and medicare
Someone who the taxpayer supports financially.
Example- a child
A specific rate of money per hour that is paid by an employer
Hourly wage
What corporation insures customers of banks?
What corporation insures customers of credit unions?
How much do each of them insure up to?
The FDIC insures customers of banks and the NCUA insures customers of credit unions.
$250,000
When filling out a deposit slip, what do you record in the row labeled "less cash"?
"Cash back", money you want to keep out for yourself
Name the 5 main types of taxes we discussed in class
Income tax returns for the previous year must be filed by _________ of the next year
April 15
Advantage- same amount every paycheck
Disadvantage- do not receive overtime