Income and Taxes
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
|
|
||||
|---|---|---|---|---|---|
| an amount of a person's income that is not subject to a particular tax and is therefore deducted before his or her liability to taxation is assessed | allowance
🗑
|
||||
| Earnings not paid out as dividends but instead reinvested in the core business or used to pay off debt | Accumulated Earnings
🗑
|
||||
| paid entirely or partially with commissions from sales one has made or for work one has done | Commissions
🗑
|
||||
| The action of deducting or subtracting something | Deduction
🗑
|
||||
| A person who relies on another | Dependent
🗑
|
||||
| The electronic transfer of a payment directly from the account of the payer to the recipient's account | Direct Deposit
🗑
|
||||
| Money derived from paid work. | Earned Income
🗑
|
||||
| A person employed for wages or salary | Employee
🗑
|
||||
| A person or organization that employs people | Employer
🗑
|
||||
| The process of exempting a person from paying taxes on a specified amount of income for themselves and their dependents | Exemptions
🗑
|
||||
| An income tax is a tax levied on the income of individuals or businesses | Federal Income Tax
🗑
|
||||
| Federal Insurance Contributions Act | FICA
🗑
|
||||
| An individual's total personal income before taking taxes or deductions into account | Gross Income
🗑
|
||||
| Money received on a regular basis, for work or through investments | Income
🗑
|
||||
| The Federal government has set forth that employers must make deductions from employees’ paychecks for Social Security and Medicare | Medicare Tax
🗑
|
||||
| An individual's total personal income AFTER taking taxes or deductions into account | Net Income
🗑
|
||||
| tax levied on both employers and employees used to fund the Social Security program | Social Security Tax
🗑
|
||||
| The form used to report wages, tips, other compensation | W-2 Form
🗑
|
||||
| IRS tax forms are used by taxpayers and tax-exempt organizations to report financial information to the Internal Revenue Service | W-4 Form
🗑
|
||||
| A portion of an employee's wages or salary withheldby the employer as partial payment of the employee's income tax | Withholding
🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
abaker124
Popular Finance sets