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Consumer Math - Income, Taxes, and Financial Planning Test Review
This is a review for the Income and Taxes and Financial Planning Test.
Terms in this set (20)
A set amount of money earned by an employee over a set amount of time (an example would be the amount of money earned per year).
The lowest hourly rate an employer may legally pay most workers.
Things like vacation, sick leave, and paid holidays.
A sum of money paid to an employee in addition to their regular pay. It may be as a reward for good work.
Working more than 40 hours per week. People usually get paid 1.5 times their regular pay to do this.
Shows all of the following: The dates you're being paid for, Income, tax, social security, total earnings, deductions, net pay, total hours worked, and the amount of money you earned for the pay period
The amount of pay a paycheck is written for. It Is basically the same each pay period for a person working on salary
also referred to as "take-home pay"
When your pay is electronically transferred into your bank account.
The amount of these that you list affects the amount of income tax that's taken out of your paycheck.
Someone who is supported by a taxpayer's income.
The form your employer should send you by January 31st that shows your total earnings for the year along with the total taxes taken out of your pay.
The form that must be filled out by new employees that shows how many allowances you're claiming and how much money employers should deduct from your paycheck for taxes.
Allows families to "live within their means". Helps families reduce the need to use credit. Helps families clarify their financial goals.
To figure this out, you need a balance sheet to know how much money you have and how much you owe in debt.
Debts that are owed to other people.
A plan for spending and saving your money. Involves estimating your income and estimating your expenses.
Housing & Transportation
The two biggest categories people spend money on according to the U.S. Bureau of Labor Statistics.
An expense that stays relatively the same every month (like rent payments or car payments).
An expense that changes somewhat from month to month (like food or entertainment).
Recommended textbook explanations
Krugman's Economics for AP*
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Principles of Economics
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Online Learning Center to accompany Essentials of Investments
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Operations and Supply Chain Management
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