personal finance ch2 vocab
Terms
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- federal income tax
- a fee collected by the federal government to support its programs
- variable
- it can change
- fixed
- always be the same
- gross income
- total amount of income from your wages or before any payroll deductions
- PYS
- pay your self second
- expenses
- what you spend money on/ your needs and wants
- 5 steps to creating budget
- 1decide the time frame for tracking your income and expenses, 2list all money you ohave coming in, 3make categories for each expenses, 4subtraact total expenses from totall income, 5look at budget and your financial plan
- spending plan/budget
- a plan for managing your money during a given period of time
- medicare tax
- provides medical insurance, also to the elderly, disabled americans. to earn money the employee eaRnigs are taxed
- income
- any money you receive (increase in funds)
- cash flow
- money coming in and out
- PYF
- pay yourself first
- state income tax
- collected by every employer on behalf of its employees (payroll deduction) sent to the state revenue department
- 3 types expenses
- fixed, variable, periodic or occacional expenses
- net income (take home pay)
- amount your able to deposit
- social security tax
- provides a smal income and other services to the ederly, disabled amercans, and orphaned minors
- periodic
- pay over time