income and taxes Word Scramble
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Question | Answer |
A person employed for wages or salary, esp. a nonexecutive | 8. Employee |
2. A person or organization that employs people | 9. Employer |
3. 1.The process of freeing or state of being free from an obligation or liability imposed on others. | 10. Exemptions |
4. An income tax is a tax levied on the income of individuals or businesses (corporations or other legal entities). Various income tax | 11. Federal Income Tax |
5. Federal Insurance Contributions Act | 12. FICA |
6. Gross income in United States tax law is receipts and gains from all sources less cost of goods sold. Gross income is the starting point... | 13. Gross Income |
7. Money received, esp. on a regular basis, for work or through investments. Money received, esp. on a regular basis, for work or through investments. Money received, esp. on a regular basis, for work or through | 14. Income |
Money derived from paid work | Earned Income |
The electronic transfer of a payment directly from the account of the payer to the recipient's account. | direct deposit |
something that is or may be subtracted | Deduction |
a form of payment to an agent for services rendered; | Commissions |
tax has been referred to as "a penalty on success itself. ... shareholders by permitting earnings and profits to accumulate | Accumulated Earnings |
An amount that is allowed or granted: | Allowance |
The Federal government has set forth that employers must make deductions from employees’ paychecks for Social Security and Medicare | 15. Medicare Tax |
the excess of revenues over outlays in a given period of time (including depreciation and other non-cash expenses). | 16. Net Income |
W-2 Forms) Wage and Tax Statement. The form used to report wages, tips, other compensation, withheld income and social security taxes | 18. W-2 Form |
IRS tax forms are used by taxpayers and tax-exempt organizations to report financial information to the Internal Revenue Service (IRS)... | 19. W-4 Form |
1.Refuse to give (something that is due to or is desired by another): "the withholding of consent to treatment". | 20. Withholding |
Created by:
joi woods
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