Money Smarts
This is the money you earn from a job, allowance, or business.
What is income?
This is a plan for how you’ll spend and save your money each month.
What is a budget?
This type of job pays you a set amount of money per year, no matter how many hours you work.
What is salaried work?
Taxes, health insurance, and retirement contributions are all examples of these amounts that are taken out of your gross pay.
What are deductions?
This is the annual form you fill out to report your income and find out if you owe taxes or get a refund.
Buying a new video game or paying your phone bill would fall under this category of money use.
What is spending?
This is the safest place to store your money so it can earn interest and be protected.
What is a bank?
In this type of job, you're paid based on the number of hours you work.
What is wage work?
This tells you how much money you’ve earned so far this year.
What is "year-to-date" income?
If you're not married and filing your own taxes, you would choose this filing status.
What is single?
This is money you set aside instead of spending right away.
What is saving?
Spending more money than you earn can lead to this financial problem, where you owe money to others.
This is the total amount of money you earn before any taxes or deductions are taken out.
What is gross pay?
This is the day your employer officially gives you your paycheck or direct deposit.
What is the pay date?
This is a set amount of income you don’t have to pay taxes on—it gets subtracted from your total income automatically.
What is a standard deduction?
This involves putting your money into something like stocks or real estate with the goal of making more money over time.
What is investing?
This is money you keep for urgent situation, like a broken phone or unexpected expense.
What is an emergency fund?
This is the amount of money you actually take home after taxes and deductions.
What is net pay?
This part of your paycheck shows the exact days your payment covers, like the beginning and end of a work period.
What is the pay period?
When you use a website or software to submit your taxes quickly and safely, you're doing this.
What is e-filing?
This is the feeling of being confident and stable in your finances—knowing your money needs are covered now and in the future.
The earlier you start saving money, the more it can grow over time thanks to this financial principle.
What is interest?
This tax form tells your employer how much money to withhold from your paycheck for taxes.
What is a W-4?
This is the formula you use to figure out how much money you actually take home: Gross Pay - Deductions = ?
What is the net pay equation?
If you paid more in taxes during the year than you owed, the government sends you this.
What is a tax refund?