Incomes & Taxes Word Scramble
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Question | Answer |
a sum of money allotted or granted for a particular purpose, as for expenses | Allowance |
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 |
an authoritative order, charge, or direction. | Commissions |
the act or process of deducting; subtraction. | Deduction |
relying on someone or something else for aid, support, etc. | Dependent |
a plan in which salaries or other payments are transferred by the paying agency directly to the accounts of the recipients. | Direct Deposit |
income from wages, salaries, fees, or the like, accruing from labor or services performed by the earner. | Earned Income |
a person working for another person or a business firm for pay. | Employee |
a person or business that employs one or more people, especially for wages or salary. | Employer |
the circumstances of a taxpayer, as age or number of dependents, that allow him or her to make certain deductions from taxable income. | Exemptions |
An income tax is a tax levied on the income of individuals or businesses (corporations or other legal entities). | Federal Income Tax |
Federal Insurance Contributions Act | FICA |
Gross income in United States tax law is receipts and gains from all sources less cost of goods sold. | Gross Income |
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 taxes - known as FICA (Federal Insurance Contributions Act). | Medicare Tax |
Taxes minus transfers. | Net Income |
Created by:
toverton
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