NGPF 1.1

Réussis tes devoirs et examens dès maintenant avec Quizwiz!

Paycheck Stub

A document attached to every paycheck that details your earnings and the amount withheld for taxes, health insurance, retirement funds, etc.

Social Security

A federal program that provides monthly benefits to millions of Americans, including retirees, military families, surviving families of deceased workers, and disabled individuals

Roth IRA

A personal savings plan; contributions are not tax-deductible; earnings are tax-free

Net Pay

Amount of income left after taxes and deductions have been taken out.

Pre-Tax Deductions/Contributions

Contributions taken out of your paycheck BEFORE taxes are calculated on your income

FICA

Federal Insurance Contributions Act

Payroll Tax

Federal and state taxes that all employers must pay, based on a percentage of the employee's salary, toward social services such as Social Security and Medicare

Health Insurance

Insurance that covers medical illness or injury.

Discretionary Spending

Spending by the federal government determined by legislative action and approved through votes by elected officials

Mandatory Spending

Spending by the federal government required by previously existing laws, including funding programs like Social Security and Medicare/Medicaid

Post-Tax Deductions

These deductions are taken from earnings after disposable pay is calculated.

401(k) plan

a tax-deferred retirement plan offered to employees by their employer

Gross Pay

the total amount of an employee's earnings before deductions are taken out


Ensembles d'études connexes

Lipincott labor & delivery at risk

View Set

Classification, management, and treatment of UTI's

View Set

Homoeostasis-The control of blood glucose concentration

View Set

GEOG 1200: Human Geography Exam 1 (Chapters 1-4)

View Set

Global Marketing Pearson Quiz 2 (Chapters 3 & 4)

View Set

Series 66 Chapter 2 Exam Questions

View Set

Derivatives of Exponential and Logarithmic Functions

View Set