income and taxes Word Scramble
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Question | Answer | |
A tax imposed by the federal government | 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. | 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 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 | |
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 | |
Federal Insurance Contributions Act: U.S. government legislation under which taxes are levied for the support of Social Security. | FICA | |
Accounting. total revenue received before any deductions or allowances, as for rent, cost of goods sold, taxes. | Gross Income | |
the monetary payment received for goods or services, or from other sources, as rents or investments. | Income | |
a U.S. government program of hospitalization insurance and voluntary medical insurance for persons aged 65 and over and for certain disabled persons under 65. Compare Medicaid. | Medicare Tax | |
the excess of revenues and gains of a business over expenses and losses during a given period of time. | Net Income | |
The tax levied on both employers and employees used to fund the Social Security program. Social Security tax is usually collected in the form of payroll tax | Social Security Tax | |
a standard tax form showing the total wages paid to an employee and the taxes withheld during the calendar year: prepared by an employer for each employee. | W-2 Form | |
A form completed by an employee to indicate his or her tax situation (exemptions, status, etc.) to the employer. The W-4 form tells the employer the correct amount of tax to withhold from an employee's paycheck | W-4 Form | |
to collect (taxes) at the source of income. | Withholding | |
a premium or discount to the standards outlined in the futures agreement | Allowance |
Created by:
rspell
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