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1040
A tax form filled out by an individual and filed with the IRS that determines the amount of income tax owed in a single year.
50/30/20
A budgeting method that allocates 50% to needs, 30% to wants, and 20% to savings and debt repayment
Adjustable Rate Mortgage
a mortgage with an interest rate that increases or decreases during the life of the loan
Audit
to check the accuracy of financial accounts and records
Auto Lease
legal agreement letting someone use an automobile for a specified period of time in exchange for payment
Budget
A plan for making and spending money
Cost of Living
The average cost of basic necessities, such as housing and food
Deficit
the amount by which something, especially a sum of money, is too small.
Dependent
Someone who relies on someone else for income and care
Depreciation
a lessening in value
Discretionary Expense
an amount spent for an item that a person could do without
Down Payment
a portion of the total cost of an item that must be paid at the time of purchase
Fixed Expense
expenses which stay basically the same from month to month, such as housing and transportation.
Fixed Rate Mortgage
A mortgage in which the interest rate does not change during the entire term of the loan.
Gross Income/ Gross Pay
Earnings before deductions (as for taxes or expenses) are subtracted.
Home Equity
The value of ownership built up in a home or property that represents the current market value of the house minus any remaining mortgage payments
Insurance Deductable
The out-of-pocket money paid by the policyholder before an insurance company will cover the remaining costs attributed to the loss
Insurance Premium
The amount you pay for an insurance policy
Insurance Limit
the maximum amount of money an insurer will pay toward a covered claim
Net Income/Net Pay
This is the total amount of money earned after taxes and deductions are taken out of your paycheck.
Paycheck Stub
A document attached to every paycheck that details your earnings and the amount withheld for taxes, health insurance, retirement funds, etc.
Pay Yourself First
A GOLDEN RULE of personal finance. Put a portion of your paycheck into savings/investments before any other spending.
Property Tax
A tax on the value of a property
Residential Lease
A contract between a tenant and a landlord providing the rules and costs for renting the property
Sales Tax
a tax on the dollar value of a good or service being sold
Social Security
any government system that provides monetary assistance to people with an inadequate or no income.
Surplus
(n.) an amount beyond what is required, excess; (adj.) more than what is needed or expected
Tax Bracket
A range of income on which a given marginal tax rate is applied
Tax Deduction
An expense, such as a charitable contribution, that can be deducted from one's taxable income
Unit Price
a price per unit of measure
Variable Expense
a cost that changes both in the amount and time it must be paid
W-2
A statement of an individual's annual wages and taxes provided by an employer that must be included with the employee's federal, state, and city income tax returns.
W-4
A federal tax form filled out by an employee to indicate the amount that should be withheld from his/her paycheck for taxes.
