| Other | ||
| #1 | This tax provides medical insurance | Medicare Tax |
| #2 | Fee collected by the federal government to support its programs | Federal Income Tax |
| #3 | An allowance, paycheck, and interest received from a savings account are all classified as | Income |
| #4 | Used to itemize how much money was earnbed by an employee and how much was withheld and sent to the IRS | W-2 Form |
| #5 | This form allows the employer to withhold federal income taxes from an employee's wages | W-4 Form |
| Income | ||
| #1 | Money you have coming and and going out? | Cash Flow |
| #2 | Money you receive | Income |
| #3 | Deductions such as federal income tax, state income tax, social security tax, and medicare tax are called.... | Payroll Deductions |
| #4 | Total Amount of Income from your wages before any payroll deductions | Gross Income |
| #5 | 'Take-home Pay' | Net Income |
| Expenses | ||
| #1 | Spending money on your needs and wants are called your.... | Expenses |
| #2 | This type of expenses may include food and gas | Variable Expense |
| #3 | This type of expense may include a car payment or rent payment | Fixed Expense |
| #4 | This type of expense does not occur every month | Periodic Expense |
| #5 | The most important expense you should have | P.Y.F - Paying Yourself First |
| Keeping and Staying on Track | ||
| #1 | This system is the simplest way to stay on track with your budget | Envelope System |
| #2 | All of your checking account statements should be filed into this category | Checking |
| #3 | This plan allows you to plan for managing your money during a given time period | Spending Plan |
| #4 | When filing your documents away your W-2 Forms should fall into this category | Tax Documents |
| #5 | How many years should you keep copies of your completed tax returns | 7 years |
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| Final Question | |
| You want to set up a budget but you work more hours per week in the summer than during the school year - what will help you estimate your income for a specific month? A. W-2 Form, B. W-4 Form, C. Pay Stub From Previous Pay Period, D. Pay Stubs from the Past Year | D. Pay Stubs from the Past Year |