Income and Taxes Word Scramble
|
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
Question | Answer |
An allowance an individual claims on a W-4 form | Allowance |
An accounting term applicable to stockholders of closely held businesses. | Accumulated Earnings |
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. | Commssions |
Any item or expenditure subtracted from gross income to reduce the amount of income subject to the tax | Deduction |
whom a taxpayer can claim on his or her federal and some state income tax returns | Dependent |
Electronic funds that are deposited directly into your bank account rather than through a paper check. | Direct Deposite |
Income derived from active participation in a trade or business, including wages, salary, tips, commissions and bonuses. | Earned Income |
A person employed for wages or salary, esp. a nonexecutive. | Employee |
A person or organization that employs people. | 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 |
The Federal government has set forth that employers must make deductions from employees’ paychecks for Social Security and Medicare. | 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 |
A form completed by an employee to indicate his or her tax situation (exemptions, status, etc.) to the employer. | Withholding |
Created by:
hayleylynne
Popular Finance sets