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Unit 2 vocab
Terms in this set (20)
A fixed regular payment, typically paid on a daily or weekly basis, made by an employer to an employee, especially to a manual or unskilled worker.
A fixed regular payment, typically paid on a monthly or biweekly basis but often expressed as an annual sum, made by an employer to an employee, especially a professional or white-collar worker.
A sum of money required by law to be paid to the local, state, and federal government for goods, services, and assets
taxes on goods and services
taxes on certain goods like beer, cigarettes, airplane tickets, etc.
taxes on property, personal property, inheritances, etc.
tax form completed by employer that states the amount of money the employee made that year as well as the taxes he/she paid ; employee needs this document in order to file taxes
tax form completed by the employee that states the number of deductions or withholdings the employer can take from each paycheck
State income taxes
amount of money withheld from each paycheck ; money goes directly to the state government ; amount withheld is based on your income, marital status, and W4 form
Federal income taxes
amount of money withheld from each paycheck ; money goes directly to the federal government ; amount withheld is based on your income, marital status, and W4 form
Sum of Social Security and Medicare taxes withheld from each paycheck ; Amount withheld is 12.4% total
income earned outside of your normal day-to-day job
income earned through your stock market account or other investment accounts (ex: 401K, IRA, etc.)
income earned through your job via wages or an annual salary
managing your income & expenses ; money management
traditional banks that serve the financial needs of consumers and businesses
financial offices dedicated to helping consumers build investment portfolios via the stock market, 401Ks, IRAs, etc.
businesses that offer various types of insurance to consumers and businesses to help protect their assets
businesses that offer loans to consumers at various interest rates depending on the credit scores of the applicants
bank account used for day-to-day transactions (ex: getting gas, buying groceries, charging your Spotify account, etc.)
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