Taxes
The ___________ government is typically the greatest tax cost.
What is federal?
This term refers to the total amount of money earned before deductions such as taxes and other withholdings.
What is gross? (or gross pay)
This type of banking allows you to see your accounts, balances, and transactions almost instantly.
What is online? (also accepted = What is mobile?)
Financial experts recommend having at least three to six months' worth of living expenses saved in this fund.
What is an emergency fund?
This term describes a plan that outlines your expected income and expenses over a specific period.
What is a budget?
These are the three types of income taxes owed each year.
What are local, state, and federal?
This term refers to the amount of money that actually goes into an employee's bank account.
What is net? (or net pay)
Along with a bank, this is another type of financial institution.
What is a credit union?
The ________ the rate of return, the lower the investment amount needed to reach a financial goal.
What is higher?
These are regular, predictable costs like rent or mortgage payments and remain constant each month.
What are fixed expenses?
The form individuals use to report their annual income and calculate their federal taxes owed.
What is a 1040?
Instead of receiving a physical paycheck, many employees opt for this electronic method of payment which goes straight into one's checking account.
What is direct deposit?
This term means that money is readily available for use.
What is liquid?
This is what IRA stands for in the context of personal retirement investing.
What is Individual Retirement Account?
These are occasional expenses that may not occur every month, like car maintenance or annual insurance premiums, or regular expenses that change in amount.
What are variable expense?
Before you start a new job, you'll need to fill out this form to determine the amount of federal income tax withheld from your paycheck.
What is a W-4?
What is 26?
This information goes on the "Pay to the Order of" line on a check.
What is a person or organization?
The practice of spreading your investments across different asset classes to reduce risk is known as this.
What is diversification (or diversifying)?
In this budgeting approach, every dollar of income is assigned a specific purpose, leaving no money unallocated.
What is a zero-based (or zero-sum) budget?
The U.S. supports a marginal tax system. This is the process of how the "pockets" of federal income taxes are divided.
What are tax brackets? (also accepted = What is marginal?)
These are amounts subtracted from your paycheck for items like health insurance, retirement contributions, or flexible spending accounts.
What are benefits? (Also accepted - What are payroll deductions?)
Known as ____________, this federal government agency insures deposits in banks up to $250,000 for account holders.
What is FDIC? (also accepted = Federal Deposit Insurance Corporation)
This is a group of companies put together into one "bucket" for people to invest.
What is a mutual fund?
This person is in charge of developing the budget and executing the plan.
Who is me? (also I and yourself are acceptable)