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!
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| a sum of money allotted or granted for a particular purpose, as for expenses | Allowance
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| Earnings not paid out as dividends but instead reinvested in the core business or used to pay off debt | Accumulated Earnings
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| paid entirely or partially with commissions from sales one has made or for work one has done | Commissions
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| something, esp a sum of money, that is or may be deducted | Deduction
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| a child, spouse, parent, or certain other relative to whom one contributes all or a major amount of necessary financial support | Dependent
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| a plan in which salaries or other payments are transferred by the paying agency directly to the accounts of the recipients | Direct Deposit
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| income from wages, salaries, fees, or the like, accruing from labor or services performed by the earner | Earned Income
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| a person working for another person or a business firm for pay | Employee
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| a person or business that employs one or more people, especially for wages or salary | Employer
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| the circumstances of a taxpayer, as age or number of dependents, that allow him or her to make certain deductions from taxable income | Exemptions
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| An income tax is a tax levied on the income of individuals or businesses | Federal Income Tax
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| U.S. government legislation under which taxes are levied for the support of Social Security | FICA
(Federal Insurance Contributions Act)
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| total revenue received before any deductions or allowances, as for rent, cost of goods sold, taxes, etc. | Gross Income
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| the monetary payment received for goods or services, or from other sources, as rents or investments | Income
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| The Federal government has set forth that employers must make deductions from employees’ paychecks for Social Security and Medicare | Medicare Tax/Social Security Tax
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| The amount of money you earn AFTER taxes are taken out of your pay | Net Income
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| a standard tax form showing the total wages paid to an employee and the taxes withheld during the calendar year: prepared by an employer for each employee. | W-2 Form
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| This form will determine how many exemptions you want to claim, to determine how much taxes will go to Federal and State tax obligations | W-4 Form
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