PBMF Chapter 18
Terms in this set (30)
Taxes paid by the employee and the employer that are used to finance the federal Social Security and Medicare
a financial plan used by individuals to project anticipated earnings and show how they will be allocated.
Earnings from sources other than work.
Fixed amount that may be deducted from adjusted gross income.
During a(n)________, financial records and statements are reviewed to make sure the information is accurate as reported.
Gross pay minus payroll deductions.
Form W-2 Wage and Tax Statement
Forms that show earnings and tax deductions withheld during the year.
Personal Financial Management
A process used by individuals to manage limited income to meet personal unlimited needs and wants is called.
The difference between a budgeted dollar amount and the actual dollar amount
An amount that a tax payer can claim for each person who is dependent on that person's income
Money added to an employee's base pay.
the amount on which taxes are calculated
an allowed expense that can be deducted from adjusted gross income.
Income in the form of a wage, salary, or commission from employment or self-employment
Amount subtracted from the taxes an individual owes if eligible.
An expense that can go up and down during the budget period.
Money paid for service beyond what is required.
Internal Revenue Services (IRS)
The government agency responsible for collecting federal income taxes
includes earned and unearned income.
Income paid as a percentage of sales made by a salesperson.
An amount that is subtracted from adjusted gross income, which further reduces taxable income.
A report containing information used to calculate taxes owed by a taxpayer
An expense that is equal in amount each budget period is a(n).
A fixed payment for work is expressed as an annual figure.
Amount of earnings not subject to income taxes.
Payment for work is usually calculated on an hourly, daily, or weekly basis.
Having the ability to understand basic topics related to finance.
Lowest wage an employer can pay an employee per hour
Amount of wage paid per week beyond standard 40 hrs week wage.
Subtraction from gross pay