Income and Stacks Word Scramble
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Question | Answer |
An allowance an individual claims on a W-4 Form. | Allowance |
An accounting term applicable to stockholders of closely held businesses. | Accumulated |
A service charge assessed by a broker or investment advisor in return for providing investment advice and/or handling the purchase or sale of a security. | Commissions |
Any item or expenditure subtracted from gross income to reduce the amount of income subject to tax. | Deduction |
An individual whom 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 retirement plan that an employer or self-employed individuals can establish. | Employee |
A type of benefit plan that an employer offers for the benefit of his/her employees at no or a relatively low cost to the employees. | 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. | Federal Income Tax |
A U.S. law requiring a deduction from paychecks and income that goes toward the Social Security program and Medicare. | FICA |
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 |
Definition of 'Medicare Wages' An employee's earnings that are subject to a U.S. payroll tax known as the "Medicare 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. | 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 |
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