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14 terms

Personal finance 1

STUDY
PLAY
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