Income or Taxes Word Scramble
|
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Question | Answer |
An allowance an individual claims on a W-4 Form | Allowance |
Definition of 'Accumulated Earnings Tax' A tax imposed by the federal government upon companies with retained earnings | Accumulated Earnings |
Most major, full-service brokerages derive most of their profits from charging commissions on client transactions | 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. A dependent is an individual, such as a qualifying child, whom a taxpayer can claim on his or her federal and some state income tax returns | 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 |
A deduction allowed by law to reduce the amount of income that would otherwise be taxed | 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 | FICA |
An individual's total personal income before taking taxes or deductions into account. | Gross Income |
refer to a company's remaining revenues after all expenses and taxes have been paid. In this case, it is also known as "earnings". | Income |
An employee's earnings that are subject to a US payroll tax known as the "Medicare tax." | Medicare Tax |
is calculated by taking revenues and adjusting for the cost of doing business, depreciation, interest, taxes and other expenses | Net Income |
is usually collected in the form of payroll tax or self-employment tax. | Social Security Tax |
The form that an employer must send to an employee and the IRS at the end of the year. | W-2 Form |
A W-4 is a form that individuals complete for withholding purpose | W-4 Form |
Withholding reduces the amount of tax employees must pay when they submit their annual tax returns | Withholding |
Created by:
doyoung1
Popular Finance sets