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Income And Taxes Test

Enter the letter for the matching Answer
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1.
The Federal Insurance Contributions Act (FICA) tax is a United States payroll
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2.
Relying on or requiring the aid of another for support
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3.
An income tax is a tax levied on the income of individuals or businesses
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4.
(W-2 Forms) Wage and Tax Statement. The form used to report wages, tips, other compensation, withheld income and social security taxes,...
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5.
profits are a company's net profits after deducting distributions to the stockholders. This is calculated as of the beginning of the year.
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6.
A person or organization that employs people
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7.
Gross income in United States tax law is receipts and gains from all sources less cost of goods sold. Gross income is the starting point...
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8.
the fee allotted to an agent for services rendered
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9.
The Federal government has set forth that employers must make deductions from employees’ paychecks for Social Security and Medicare...
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10.
2.Suppress or hold back
A.
Gross Income
B.
Accumulated Earnings
C.
Employer
D.
Social Security Tax
E.
W-2 Form
F.
Federal Income Tax
G.
Dependent
H.
Withholding
I.
Commissions
J.
Medicare Tax
Type the Answer that corresponds to the displayed Question.
incorrect
11.
Federal Insurance Contributions Act.
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12.
2.The process of exempting a person from paying taxes on a specified amount of income for themselves and their dependents
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13.
A person employed for wages or salary, esp. a nonexecutive A person employed for wages or salary
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14.
IRS tax forms are used by taxpayers and tax-exempt organizations to report financial information to the Internal Revenue Service (IRS)...
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15.
the excess of revenues over outlays in a given period of time
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16.
Money derived from paid work
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17.
The electronic transfer of a payment directly from the account of the payer to the recipient's account.
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18.
2.An amount that is or may be deducted from something, esp. from taxable income or tax to be paid
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19.
A sum of money paid regularly to a person, typically to meet specified needs or expenses
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20.
Money received, esp. on a regular basis, for work or through investments Money received, esp. on a regular basis, for work or through investments

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Created by: dre1996
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