| A | B |
|---|
| Budget | a plan for managing your money during a given period of time |
| Cash Flow | the money you have coming in, as well as the money you have going out |
| Federal Income Tax | a fee collected by the federal government to support its programs |
| State Income Tax | a fee collected by every employer on behalf of its employees and then sent to the state revenue department |
| Social Security Tax | provides a small income and other services to the elderly, disabled Americans, and orphaned minors |
| Medicare Tax | provides medical insurance to the elderly, and to some disabled Americans |
| Gross Income | the total amount of income from your wages or before and payroll deductions |
| Net Income | the amount you'll be able to deposit, and it's a good starting point for creating your spending plan |
| Fixed expenses | expenses that cost the same amount every time |
| Variable Expenses | expenses that fluctuate in amount |
| Periodic Expenses | expenses you dont pay every month, may include variable and fixed expenses |
| Expenses | what you spend money on |
