Glossary
Budget – monthly way to track money and where it goes.
Checking account - a bank account that allows access to your money by writing a check, setting up an automatic transfer or using debit card. It is normally used to pay bills.
Credit cards - an instrument that allows individuals to borrow money that is expected to be repaid.
Credit report - includes your behavior with credit cards.
Credit score - number ranging between 300 and 850 which is derived from your credit history. It gives lenders a quick view of you as a borrower and allows them to make decisions about how risky lending money to you will be.
Form 1040 – federal income tax form where rules apply to all U.S. citizens, regardless of where they live, and resident aliens.
Form G4 – in the state of Georgia, Form G4 (similar to Form W4) should be completed so that your employer can withhold the correct state income tax from your pay.
Form GA500 - state income tax form where rules apply to all U.S. citizens and resident aliens, based on information from federal income tax Form 1040.
Form I9 – Form I9 is to document that each new employee (both citizen and non citizen) hired after November 6, 1986 is authorized to work in the United States.
Form W2 – issued by an employer to an employee that includes all amounts of income, social security, Medicare or income tax that was withheld.
Form W4 - Form W4 should be completed so that your employer can withhold the correct federal income tax from your pay. A new Form W4 should be completed when your personal or financial situation changes.
Life Skills - are problem solving behaviors used appropriately and responsibly in the management of personal affairs.
Money - Money is any object or record that is generally accepted as payment for goods and services and repayment of debts in a given socio-economic context or country. The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, occasionally in the past, a standard of deferred payment. Any kind of object or secure verifiable record that fulfills these functions can be considered money.
Personal Finance - refers to the financial decisions which an individual or a family unit is required to make to obtain, budget, save, and spend monetary resources over time, taking into account various financial risks and future life events.
Retirement plan – individual or employer sponsored plan that must meet certain requirements established by the federal government that can receive favorable tax treatment.
Roth IRA - similar to a traditional IRA except contributions is not deductible on Form 1040 and distributions are tax free.
Savings account - offer interest on the account at low interest rate.
Section 401k – qualified plan that allows employees to elect to contribute a portion of their income into an account that is deferred for tax purposes until retirement.
Section 403b – qualified plan for non profit organizations, public, private and parochial school teachers, school superintendents, college professors, clergymen, and social workers employees to elect to contribute a portion of their income into an account that is deferred for tax purposes until retirement.
Section 457 - qualified plan for public bodies such as states, counties, and municipalities employees to elect to contribute a portion of their income into an account that is deferred for tax purposes until retirement.
Traditional IRA - an individual retirement account where participant earns wages and does not normally participate in an employer maintained retirement plan.
Budget – monthly way to track money and where it goes.
Checking account - a bank account that allows access to your money by writing a check, setting up an automatic transfer or using debit card. It is normally used to pay bills.
Credit cards - an instrument that allows individuals to borrow money that is expected to be repaid.
Credit report - includes your behavior with credit cards.
Credit score - number ranging between 300 and 850 which is derived from your credit history. It gives lenders a quick view of you as a borrower and allows them to make decisions about how risky lending money to you will be.
Form 1040 – federal income tax form where rules apply to all U.S. citizens, regardless of where they live, and resident aliens.
Form G4 – in the state of Georgia, Form G4 (similar to Form W4) should be completed so that your employer can withhold the correct state income tax from your pay.
Form GA500 - state income tax form where rules apply to all U.S. citizens and resident aliens, based on information from federal income tax Form 1040.
Form I9 – Form I9 is to document that each new employee (both citizen and non citizen) hired after November 6, 1986 is authorized to work in the United States.
Form W2 – issued by an employer to an employee that includes all amounts of income, social security, Medicare or income tax that was withheld.
Form W4 - Form W4 should be completed so that your employer can withhold the correct federal income tax from your pay. A new Form W4 should be completed when your personal or financial situation changes.
Life Skills - are problem solving behaviors used appropriately and responsibly in the management of personal affairs.
Money - Money is any object or record that is generally accepted as payment for goods and services and repayment of debts in a given socio-economic context or country. The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, occasionally in the past, a standard of deferred payment. Any kind of object or secure verifiable record that fulfills these functions can be considered money.
Personal Finance - refers to the financial decisions which an individual or a family unit is required to make to obtain, budget, save, and spend monetary resources over time, taking into account various financial risks and future life events.
Retirement plan – individual or employer sponsored plan that must meet certain requirements established by the federal government that can receive favorable tax treatment.
Roth IRA - similar to a traditional IRA except contributions is not deductible on Form 1040 and distributions are tax free.
Savings account - offer interest on the account at low interest rate.
Section 401k – qualified plan that allows employees to elect to contribute a portion of their income into an account that is deferred for tax purposes until retirement.
Section 403b – qualified plan for non profit organizations, public, private and parochial school teachers, school superintendents, college professors, clergymen, and social workers employees to elect to contribute a portion of their income into an account that is deferred for tax purposes until retirement.
Section 457 - qualified plan for public bodies such as states, counties, and municipalities employees to elect to contribute a portion of their income into an account that is deferred for tax purposes until retirement.
Traditional IRA - an individual retirement account where participant earns wages and does not normally participate in an employer maintained retirement plan.