| A | B |
|---|
| Spending & Saving Plan | personal budget for managing money during a given time period. |
| Gross Income | total hours worked times an hourly wage. |
| Income | any money coming in. |
| P.Y.F. | developing the habit of saving regularly and paying yourself first. |
| Variable Expenses | expenses that change in amount from period to period. |
| Expenses | money going out. |
| Fixed Expenses | expenses that are the exact same amount every time. |
| Checking Account | account you have at a financial institution that you use for convenience and to minimize the amount of cash you need to carry. |
| Payroll Deductions | money taken out of a paycheck by an employer to pay for taxes, health insurance, etc. |
| Net Income | take-home pay. |
| W4 | form that tells an employer how much to withhold from your paycheck for taxes. |
| W2 | earnings summary from an employer that shows the taxes withheld from your paycheck during the year. |
| Taxes | fees placed on income, property, or goods to support government programs. |
| Federal Income Tax | fee for the support of federal government programs which is collected by the employer and paid to the IRS. |
| State Income Tax | fee collected by your employer and paid to the state revenue department to support state programs. |
| Social Security Tax | tax collected to provide old-age, survivors, and disability insurance. |
| Medicare Taxes | fee collected to fund the hospital insurance provided under this government system. |
