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Fixed Expense

A known monthly payment that is the same amount every month

Variable Expense

A known monthly payment where the amount differs from month to month.

Periodic Expense

Expenses that are known, but do not occur on a regualr monthly basis

W-4

A form an employee fills out that determins the amount of tax withheld from their paycheck

Medicare

This government program that provides health insurance for people 65+

Deductions

Money taken out of your paycheck to cover things like taxes and health insurance

Social security

The government program that provides retirement , disability , and survior benifits

Spending habits

Purchases that you make routinely without weighing the decision each time

Spending needs

Things that are essential to your health and security

W-2

The form on which your employer reports to you how much you earned and how much was deducted from your paychecks for taxes and other withholdings

Spending wants

Things that make life more interesting but are not essential to survive

Impulse buying

Purchasing things without planning to do so in advance

1040

The form used to file an income tax return

Budget

An estimate of income and expenses covering a set period of time