Income and Taxes Word Scramble
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Question | Answer |
is mainly used to assist an employer in calculating the amount of income tax to withhold from an employee's paycheck. | Allowance |
Earnings not paid out as dividends but instead reinvested in the core business or used to pay off debt. | Accumulated Earnings |
paid entirely or partially with commissions from sales one has made or for work one has done | Commissions |
The action of deducting or subtracting something. | Deduction |
a person who relies on another person for support (especially financial support). | Dependent |
The electronic transfer of a payment directly from the account of the payer to the recipient's account. | Direct Deposit |
Money derived from paid work. | Earned Income |
A person employed for wages or salary, esp. a nonexecutive. | Employee |
A person or organization that employs people. | Employer |
The process of exempting a person from paying taxes on a specified amount of income for themselves and their dependents | Exemptions |
An income tax is a tax levied on the income of individuals or businesses | Federal Income Tax |
Federal Insurance Contributions Act | FICA |
An individual's total personal income before taking taxes or deductions into account. | Gross Income |
Money received, esp. on a regular basis, for work or through investments. | Income |
Tax deducted from the wages of every legally working American that is used to pay for the Medicare program | Medicare Tax |
total revenue received before any deductions or allowances, as for rent, cost of goods sold, taxes, etc. | Net Income |
The tax levied on both employers and employees used to fund the Social Security program. | Social Security Tax |
Wage and Tax Statement | W-2 Form |
part of an employee's tax liability withheld by the employer from wages or salary and paid directly to the government. | Withholding |
Created by:
twilightshelby
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