Checking
NSF stands for
What is Non-Sufficient Funds
What type of income is taxable?
What is Gross?
What does FICA consist of?
What is Social Security and Medicare?
Four Benefits to having a Savings Account
Safety
Interest bearing
Savings for long term
Savings for short term
This type of account allows you to quickly and easily move money in/out of your account without penalty.
What is a Checking Account?
This type of deposit is paid directly to the bank from the payee.
What is Direct Deposit?
What does YTD stand for?
What is Year to date?
If you earn less than this amount, you may not have to file income taxes
What is $12,400.00
Taking money from a savings account is known as a withdrawal as you ______ your account.
What is debit?
A record of all transactions (deposits, withdrawals, interest earned, fees charged) on your bank account. This is maintained by the account holder.
What is a check register?
A deposit to a checking account is also known as this.
What is a Credit
Wages are income that is based on these two parameters.
What is your hourly wage and amount of hours worked?
Medicare also known as hospital insurance is available to these three demographics
What is
people over 65yrs
younger people with disabilities
people with end stage renal disease/kidney failure
A fee a bank pays you for letting it use your money
What is Interest?
What are the 5 parts of a check that the payer must include for it to be valid?
Date (within 6 months)
Payee
Written and Numerical Amount
Signature of Account Owner
A legal contract used to pay for goods/services without the use of actual cash. It permits the payee to withdraw funds from your account.
What is a Check?
Who pays FICA tax?
What are employees and employers?
FICA is a federal payroll taxes and is deducted from your payroll's gross for....
What is Social Security and Medicare?
This is the amount of money you have in your banking account(s) . It will change depending on if you withdraw cash, make additional contributions or accrue interest on what’s in the account.
What is Balance?
Taxes are collected by these 3 agencies.
What is the Federal, State and Local Government?
The process of comparing your records (the check register) with the bank records (account statement) and verifying that all transactions are correct. It provides you with an accurate balance of your funds.
What is reconciliation/Balancing account.
Federal Form ____ or state equivalent is where the employee states the number of withholding allowances claimed to determine income taxes to withhold from the employee’s compensation.
What is W4?
Name 4 deductions that are deducted from your Gross pay.
What is Federal tax, State tax, Social Security and Medicare
This type of savings vehicle is used for long term savings and requires a certain amount of money to open as it pays a greater interest rate for a certain period of time. (Hint the first initial is C)
What is a CD? Certificate of Deposit.
What % of your gross income is deducted for ss and medicare?
What is 7.45%