income and taxes Word Scramble
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Question | Answer |
The authority to perform a task or certain duties. | Commissions |
A person who relies on another, esp. a family member, for 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 |
2.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.The Federal Insurance Contributions Act (FICA) tax is a United States payroll (or employment) tax imposed by the federal government | FICA (abbreviation and definition) |
An extra benefit supplementing an employee's salary. | Fringe Benefits |
Gross income in United States tax law is receipts and gains from all sources less cost of goods sold | Gross Income |
A wage is a compensation, usually financial, received by workers in exchange for their labor | Hourly Wage |
Tax levied directly on personal income. | Income Tax |
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 |
a system in which employees receive a share of the net profits of the business. | Profit Sharing |
A fixed regular payment, typically paid on a monthly or biweekly basis but often expressed as an annual sum | Salary |
The Federal Insurance Contributions Act (FICA) tax is a United States payroll (or employment) tax imposed by the federal government | Social Security Tax |
Income tax systems generally allow a tax deduction for various items, especially expenses incurred to produce income. | Tax Deduction |
A sum of money given to someone as a way of rewarding them for their services. | Tips |
The W-2 form reports an employee's annual wages and the amount of taxes withheld from his or her paycheck. | W2 Form |
The W-4 form tells the employer the correct amount of tax to withhold from an employee's paycheck. | W4 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 Allowance |
Created by:
mbrown1
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