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Last active September 22, 2024 09:12
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English phrases and words related to money, expenses, and taxes
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money.md

Certainly! Here are some essential English phrases and words related to money, expenses, and taxes that your friend should know when living in Memphis (or anywhere in the United States):

Money and Banking

  • Currency: The official currency is the US Dollar (USD).
  • Bank Account: To open a bank account, you might need an ID and proof of address.
  • Checking Account: An account used for daily transactions.
  • Savings Account: An account used to save money and earn interest.
  • Debit Card: A card linked to your bank account for transactions.
  • Credit Card: A card that allows you to borrow money up to a certain limit.
  • ATM (Automated Teller Machine): A machine to withdraw or deposit money.
  • Interest Rate: The percentage charged on borrowed money or earned on savings.

Expenses

  • Rent: The monthly payment for housing.
  • Utilities: Bills for electricity, water, gas, and internet.
  • Groceries: Food and household items purchased from a store.
  • Insurance: Payments for health, car, or home insurance.
  • Tuition: Fees for education.
  • Subscription: Regular payments for services like Netflix, gym memberships, etc.
  • Mortgage: A loan used to purchase a home.
  • Budget: A plan for how to spend your money.

Taxes

  • Income Tax: Tax paid on earnings.
  • Sales Tax: Tax added to the price of goods and services.
  • Property Tax: Tax paid on property owned.
  • Tax Return: A form filed to report income and calculate taxes owed or refunded.
  • W-2 Form: A tax form that reports wages earned and taxes withheld.
  • IRS (Internal Revenue Service): The government agency responsible for tax collection.
  • Deduction: An expense that can be subtracted from taxable income.
  • Exemption: A portion of income that is not subject to tax.
  • Filing Status: Category that determines tax rate (e.g., single, married, head of household).

General Financial Terms

  • Budgeting: Planning how to spend your money.
  • Expense: Money spent on goods or services.
  • Savings: Money set aside for future use.
  • Investment: Using money with the expectation of earning a profit.
  • Debt: Money owed to another person or institution.
  • Loan: Money borrowed that must be repaid, usually with interest.
  • Financial Aid: Money provided to help pay for education.
  • Scholarship: Financial aid awarded to a student based on merit or need.
  • Grant: A sum of money given by an organization for a particular purpose.
  • Subsidy: Financial assistance provided by the government.

Daily Transactions

  • Receipt: A document showing proof of purchase.
  • Invoice: A bill for goods or services provided.
  • Payment Plan: An arrangement to pay off a debt in installments.
  • Refund: Money returned for a product or service.
  • Bill: A statement of money owed for goods or services.
  • Tip/Gratuity: Extra money given for service, typically in restaurants.

Practical Phrases

  • "How much does this cost?"
  • "Can I pay with a credit card?"
  • "What is the exchange rate?"
  • "Where is the nearest ATM?"
  • "I need to open a bank account."
  • "Can I get a receipt, please?"
  • "Do you offer payment plans?"
  • "I would like to apply for financial aid."
  • "What is the tax rate here?"
  • "How do I file my taxes?"

These terms and phrases should help your friend navigate financial matters more easily in the United States.

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