Financial Terms

6. deduction taken out before taxes, and therefore reduce the amount of income that you have to pay taxes on, known as your taxable income.
7. money put into an account
9. balance the actual amount of money you could use and withdraw for your account immediately
11. amount owed to a person or business for funds borrowed.
13. a tax; it is deducted from your paycheck to provide medical benefits for eligible individual
15. Plan A retirement plan through an employer to which employees can make monetary contributions too
16. income tax a tax; this is on your personal income and provides for national programs like: national defense (military), veteran affairs, social programs (WIC, food assistance), law enforcement, and interest towards national debt.
18. keeps track of how much money you have, where your money has gone (what bills have been paid), credits and debits
19. security a tax; it is deducted from your paycheck to provide benefits for retired works

1. an estimate of income versus bills and expenses for a period of time
2. Federal Insurance Contributions Act – Includes Medicare and Social Security taxes; these are taken out of your paycheck
3. pay weekly payroll means you are paid every week
4. money taken out of an account
5. serves as a medium of exchange; consists of coins and paper monies, as well as debit cards and credit cards
6. deductions taken out after taxes and don't have an effect on your taxable income
8. account where you can deposit your money; you can then use checks, debit cards, or withdrawals at a bank and ATM to access your money
10. pay biweekly payroll means you are paid every two weeks
12. your day-to-day costs
14. An amount of money, shown on a person’s statement, that they have in their account or that they owe at any time
17. the ability to borrow money