Income Taxes
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
|
|
||||
|---|---|---|---|---|---|
| A deviation from the basis grade or location allowable when delivering commodities under the terms of a futures contract. Allowances represent a premium or discount to the standards outlined in the futures agreement. | Allowance
🗑
|
||||
| An accounting term applicable to stockholders of closely held businesses. Accumulated earnings and profits are a company's net profits after deducting distributions to the stockholders. This is calculated as of the beginning of the year. | Accumulated Earnings
🗑
|
||||
| An individual who a taxpayer can claim for credits and/or exemptions. | Dependent
🗑
|
||||
| Electronic funds that are deposited directly into your bank account rather than through a paper check. | Direct Deposit
🗑
|
||||
| Income derived from active participation in a trade or business, including wages, salary, tips, commissions and bonuses. | Earned Income
🗑
|
||||
| a person working for another person or a business firm for pay. | Employee
🗑
|
||||
| a person or business that employs one or more people, especially for wages or salary. | Employer
🗑
|
||||
| A deduction allowed by law to reduce the amount of income that would otherwise be taxed. | Exemptions
🗑
|
||||
| A tax levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts and other legal entities. | FICA
🗑
|
||||
| A U.S. law requiring a deduction from paychecks and income that goes toward the Social Security program and Medicare. | Federal Income Tax
🗑
|
||||
| An individual's total personal income before taking taxes or deductions into account. | Gross Income
🗑
|
||||
| Economic wealth that is generated in exchange for an individual's performance of agreed upon activities or through investing capital. | Income
🗑
|
||||
| An employee's earnings that are subject to a U.S. payroll tax, similar to the other U.S. payroll tax. | Medicare Tax
🗑
|
||||
| A company's total earnings (or profit). | Net Income
🗑
|
||||
| The tax levied on both employers and employees used to fund the Social Security program. | Social Security Tax
🗑
|
||||
| The form that an employer must send to an employee and the IRS at the end of the year. Read more: http://www.investopedia.com/terms/w/w2form.asp#ixzz2H23MD8aW | W-2 Form
🗑
|
||||
| A form completed by an employee to indicate his or her tax situation (exemptions, status, etc.) to the employer. | W-4 Form
🗑
|
||||
| The portion of an employee's wages that is not included in his or her paycheck because it is remitted directly to the federal, state and local tax authorities. | Withholding
🗑
|
||||
| money earned by a person who sells things for someone else. | Commission
🗑
|
||||
| Any item or expenditure subtracted from gross income to reduce the amount of income subject to tax. | Deduction
🗑
|
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:
mfowler713
Popular Finance sets