Income and Taxes Word Scramble
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Question | Answer |
Amount of pay earned BEFORE taxes | Gross Income |
A tax imposed by the federal government upon companies with retained earnings deemed to be unreasonable and in excess of what is considered ordinary. | 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 | Comissions |
Any item or expenditure subtracted from gross income to reduce the amount of income subject to tax. | 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. This is the opposite of unearned income | Earned Income |
A person employed for wages or salary, esp. a nonexecutive. | Employee |
2.An amount that is or may be deducted from something, esp. from taxable income or tax to be paid | Deduction |
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 (corporations or other legal entities). Various income tax | Federal Income Tax |
The Federal Insurance Contributions Act (FICA) tax is a United States payroll (or employment) tax imposed by the federal government on | FICA |
Money received, esp. on a regular basis, for work or through investments. | Income |
The Federal government has set forth that employers must make deductions from employees’ paychecks for Social Security and Medicare | Medicare Tax |
the excess of revenues over outlays in a given period of time (including depreciation and other non-cash expenses). | Net Income |
The Federal Insurance Contributions Act (FICA) tax is a United States payroll (or employment) tax imposed by the federal government | Social Security Tax |
(W-2 Forms) Wage and Tax Statement. The form used to report wages, tips, other compensation, withheld income and social security taxes | W-2 Form |
IRS tax forms are used by taxpayers and tax-exempt organizations to report financial information to the Internal Revenue Service (IRS | W-4 Form |
The amount of an employee's pay withheld by the employer and sent directly to the government as partial payment of income tax | Withholding |
Created by:
dmckay
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