U6 Flashcards
every two weeks
biweekly
the amount of money earned for a specified amount of time, before any deductions are made
gross pay
the number of hours over 40 that are worked in a week
overtime
a fixed amount of wages paid, usually on a yearly basis, regardless of how many hours are worked
salary
twice a month
semimonthly
an estimate of expected income and expenses for a given period of time; a plan of how to save, spend, and prepare for the future
budget
the amount of money subtracted from your gross earnings
deductions
tax charged by the state on earned income
state income tax
taxes withheld or deducted from a paycheck, usually referring to federal income tax withholding
withholdings deductions
tax collected to provide basic retirement benefits
Social Security
a program that provides compensation to workers who lose their jobs through no fault of their own, while they are actively seeking employment
unemployment insurance
tax charged on the sale of goods and services
sales tax
a bank account that allows you easy access to your money
checking account
a special type of savings account where the funds are not available until the certificate is mature
Certificate of Deposit (CD)
a special type of savings account where the funds deposited are not available until retirement
Individual Retirement Account (IRA)
