Semester Vocabulary

Front

What are withholding allowances?

Back

Money you can withhold from taxation based on whom you support.

Front

What is federal income tax?

Back

A tax collected by the US IRS on the annual earnings of individuals and businesses.

Front

Who is considered a dependent?

Back

A person who relies on another, especially a family member, for financial support.

Front

What does Time and a Half mean?

Back

Regular pay (1.5) for additional hourly pay for working over the regulated amount of weekly hours.

Front

What is an "Automatic Teller Machine (ATM)"?

Back

A machine that you can use to complete bank transactions like deposits and withdrawals using the card that corresponds to the account.

Front

What is the purpose of a W-2 form?

Back

A form that reports an employee's annual wages and the amount of taxes withheld from their paycheck.

Front

What is a tax deduction?

Back

An expense that you can deduct from your total income to reduce the amount of taxable income.

Front

What is the difference between gross income and net income?

Back

Gross income is the total earnings before any deductions, while net income is the amount left after deductions.

Front

What is a paycheck stub?

Back

A document that accompanies a paycheck, detailing the earnings and deductions for that pay period.

Front

What is a credit score?

Back

A numerical representation of a person's creditworthiness, based on their credit history.