| A | B |
|---|
| Personal Finance | Planning and management of an individual's money |
| Retirement | You no longer work, but live off of savings |
| Work Force | Those who have a job or are actively seeking employment |
| Work Phase | Begins when you start to work and ends when you retire |
| Standard of Living | Necessities, comforts, and luxuries you are accustomed to having. |
| Income | Money received from working, investments, or other sources. |
| Development Phase | The life phase from birth through school. |
| Payroll Deductions | Required and voluntary amounts of money subtracted from your pay. |
| Pay As You Earn | Requirement to withhold taxes from each pay check. |
| Gross Pay | Total earnings before deductions |
| Net Pay | Amount paid to employee after deductions |
| Required Deductions | Income taxes and FICA |
| FICA Taxes | Social Security and Medicare Taxes |
| W4 Form | The form used by employers to determine withholding amounts |
| Take Home Pay | The same as "Net Pay" |
| Voluntary Deductions | Deductions requested by the employee for things like insurance and retirement |
