Getting Paid
money received for work or through investments
Income
the lowest hourly rate an employer may legally pay workers
Minimum Wage
a tax on personal income
Federal Withholding Tax
purchased protection that guarantees to pay you in the event of certain specified losses
Insurance
the average cost of basic necessities, such as housing and food
Cost of Living
a set amount of money earned by an employee per year or other fixed length of time
Salary
work in excess of of 40 hours per week
Overtime
Employee's Withholding Allowance Certificate that shows the employer how much tax to withhold from an employee's check
W-4 Form
A sum of money paid or charged for the use of money loaned or borrowed
Interest
costs that do not change from month to month
Fixed Expenses
employee earnings that are paid by the hour, day, or item
Wages
federal health insurance program for people over 65 and some people with disabilities
Medicare
part of an employee's compensation over and above wages or salary (ie. Health Insurance)
Benefits
A thing that is borrowed, especially a sum of money that is expected to be paid back with interest.
Loan
expenses that can change from month to month
Variable Expenses
the total amount of an employee's earnings before deductions are taken out
Gross Income
a federal insurance program that provides retirement benefits to retired people and financial support those who are disabled
Social Security
on a paycheck, anything that is subtracted from the gross pay (ie. health insurance)
Deduction
Money owed to another person or company/institution
Debt
a plan for spending and saving based on estimated income and expenses
Budget
the amount of pay an employee has left after taxes and other deductions have been taken out of their paycheck
Net Income
a required payment to a local, state, or national government
Taxes
An attachment to an individual's paycheck that shows the amount earned and details
the payroll deductions
Pay Stub
A rating (number) used by credit reporting companies to help lenders decide whether and/or how much credit can be extended to a borrower and their capacity to repay a loan.
Credit Score
the official wage and tax statement that reports an employee's annual wages and the amount of taxes withheld from their paycheck
W-2 Tax Form