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ENT II Unit 6

Arkansas Entrepreneurship II Unit 6

QuestionAnswer
A number that reduces the amount of money withheld from a person's pay Allowance
Tax to operate certain kinds of businesses Business/License tax
Expenses that can be legally subtracted from income when figuring income tax Deductions
A person one supports financially, such as a child Dependent
A tax collected on the sale of specific goods and services, such as alcoholic beverages, tobacco, and gasoline Excise tax
The law that requires workers to contribute to Social Security and Medicare Federal Insurance Contributions Act (FICA)
A summary of a person's earnings and withholdings for the year for each job worked Form W-2
Provides the information an employer needs to determine the proper amount to withhold from a person's paycheck Form W-4
A tax paid by the giver on gifts with values above a federal threshold Gift tax
The amount earned before taxes are withheld Gross income
A tax paid on earnings from wages, interest, dividends, and other sources Income tax
The federal agency that collects income taxes Internal Revenue Service (IRS)
The amount remaining after withholds are subtracted from gross pay Net income
A tax based on the payroll of a business; paid to the government Payroll tax
A tax on the value of real estate property Property tax
Goods and services provided by the government that benefit all Americans Public goods
A tax added to the price of goods and services at the time of purchase Sales tax
A set of forms that taxpayers use to calculate their tax obligation Tax return
The income figure used to determine income taxes Taxable income
A payroll tax an employer deducts from a person's wages Withholding
Created by: wellsel
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