Personal finance 1

14 terms by lalala1234

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cash flow

refers to the money you have coming in

income

makes up the first part of the equation

taxes

fees that support government programs and are required by law to be applied to income, property, or goods

tax deductions

pay stub are federal income tax, state income tax, social security tax, medicare tax

state income tax

fee collected by every employer on behalf of its employees

federal income tax

fee collected by the federal government to support its programs

social secuirty tax

small income and other services to the elderly, disabled Americans, and orphaned minors

medicare tax

provides medical insurance

gross income

total amount of income from your wages or before any payroll deductions

net income

take home pay

expenses

what you spend money on

fixed expenses

the same amount every time

variable expenses

fluctuate in amount

periodic or occasional expenses

don't pay every month, fixed or variable

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