1. Cash Flow: the cycle of money coming and money going out.
2. Co-payment: a payment made by a beneficiary (especially for health services) in addition to that made by an insurer.
3. Deductible: (in an insurance policy) a specified amount of money that the insured must pay before an insurance company will pay a claim.
4. Expenses: Money going out.
5. Fixed Expenses: This is money you pay monthly that doesn’t change. Examples of this are: cell phone bill, rent, car payments, and insurance.
6. Gross Income: aka Gross Pay, the total money you earn, before various deductions are made.
7. Health Maintenance Organization: a health insurance organization to which subscribers pay a predetermined fee in return for a range of medical services from physicians and healthcare workers registered with the organization.
8. Income: Money coming in, such as the money earned from a job.
9. Local Tax: This is a rare occurrence on a paycheck, it is sometimes applied in certain cities, counties, or school districts.
10. Social Security (Fica): The amount of your money deducted for social security purposes. The social security check is sent monthly to citizens who have entered into retirement.
11. Medicare (Med): The amount of money deducted for retired citizens which goes towards medical expenses. Like Social Security it is a required deduction.
12. Year-to-date (ytd): This field of the paycheck shows how much you have paid towards the categories above or any other expenses during the calendar year. This bit of information is very useful for those of you who are planning a budget as well as saving for long term goals or expenses.
13. Needs: Items we cannot life without such as food, shelter, clothing, utilities, insurance and other utilities.
14. Net Income: aka Net Pay, the money you actually take away with you after deductions are made.
15. Preferred Provider Organization: A type of health plan that contracts with medical providers, such as hospitals and doctors, to create a network of participating providers. You pay less if you use providers that belong to the plan’s network. You can use doctors, hospitals, and providers outside of the network for an additional cost.
16. Unit Pricing: the cost of each pound, ounce/gram, square foot or meter of the product you are purchasing.
17. Variable Expenses: Money you spend on various goods or services which can vary from item to item. This may include entertainment, recreation, and clothing. Write down anything which may seem inconsequential, it will help give an idea of how much you’re spending.
18. Wage: is employee payment dependent on the number of hours worked multiplied by the hourly rate of pay.
19. Salary: is employee payment based on an annual payment. It is not dependent on the number of hours worked.
20. Federal Tax Amount (FWT/FT): There’s a little form known as the W-4 form which you signed upon employment. This covers any taxes you may owe to the Federal government. The deduction from your paycheck is dependent on how many exemptions you claimed on the form.
21. State Tax (SWT/ST): Dependent on each state, a tax which is deducted. It works the same as the Federal Tax but on a state level.
22. Wants: Item we would like to have, but can certainly live without. This may include jewelry, toys, movies, cosmetics, furniture, cars, computers, etc.
2. Co-payment: a payment made by a beneficiary (especially for health services) in addition to that made by an insurer.
3. Deductible: (in an insurance policy) a specified amount of money that the insured must pay before an insurance company will pay a claim.
4. Expenses: Money going out.
5. Fixed Expenses: This is money you pay monthly that doesn’t change. Examples of this are: cell phone bill, rent, car payments, and insurance.
6. Gross Income: aka Gross Pay, the total money you earn, before various deductions are made.
7. Health Maintenance Organization: a health insurance organization to which subscribers pay a predetermined fee in return for a range of medical services from physicians and healthcare workers registered with the organization.
8. Income: Money coming in, such as the money earned from a job.
9. Local Tax: This is a rare occurrence on a paycheck, it is sometimes applied in certain cities, counties, or school districts.
10. Social Security (Fica): The amount of your money deducted for social security purposes. The social security check is sent monthly to citizens who have entered into retirement.
11. Medicare (Med): The amount of money deducted for retired citizens which goes towards medical expenses. Like Social Security it is a required deduction.
12. Year-to-date (ytd): This field of the paycheck shows how much you have paid towards the categories above or any other expenses during the calendar year. This bit of information is very useful for those of you who are planning a budget as well as saving for long term goals or expenses.
13. Needs: Items we cannot life without such as food, shelter, clothing, utilities, insurance and other utilities.
14. Net Income: aka Net Pay, the money you actually take away with you after deductions are made.
15. Preferred Provider Organization: A type of health plan that contracts with medical providers, such as hospitals and doctors, to create a network of participating providers. You pay less if you use providers that belong to the plan’s network. You can use doctors, hospitals, and providers outside of the network for an additional cost.
16. Unit Pricing: the cost of each pound, ounce/gram, square foot or meter of the product you are purchasing.
17. Variable Expenses: Money you spend on various goods or services which can vary from item to item. This may include entertainment, recreation, and clothing. Write down anything which may seem inconsequential, it will help give an idea of how much you’re spending.
18. Wage: is employee payment dependent on the number of hours worked multiplied by the hourly rate of pay.
19. Salary: is employee payment based on an annual payment. It is not dependent on the number of hours worked.
20. Federal Tax Amount (FWT/FT): There’s a little form known as the W-4 form which you signed upon employment. This covers any taxes you may owe to the Federal government. The deduction from your paycheck is dependent on how many exemptions you claimed on the form.
21. State Tax (SWT/ST): Dependent on each state, a tax which is deducted. It works the same as the Federal Tax but on a state level.
22. Wants: Item we would like to have, but can certainly live without. This may include jewelry, toys, movies, cosmetics, furniture, cars, computers, etc.