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Unit Two Word Scramble

 
 


 

 
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Question Answer
TaxA required payment to the government.
FICAFederal Insurance Contributions Act.
MedicareA social insurance program that extends health coverage to almost all Americans aged 65 and over.
Social Security A federal retirement program in which the working generation contributes to support retired workers, survivors, and the disabled.
Net monthly income (NMI)The amount of pay left after all deductions; taxes, FICA, and medicare are taken out.
Gross monthly income (GMI)the amount of pay per month prior to any deductions being taken out.
Gross Annual Income (GAI)The total amount of pay for a year prior to any deductions.
Social Security NumberA number assigned to individuals to keep track of you and your earnings throughout a lifetime.
What are the three main types of taxes?Income tax, sales tax, and property tax.
The purpose of taxes areimprove roads, support government, and pay retirement benefits.
Net annual income (NAI)Amount of income remaining to spend in a year after all deductions have been made.