unit 6 Word Scramble
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Question | Answer |
Allowance | # that reduces amount of money withheld from person's pay |
Business/License tax | tax to operate certain kinds of businesses |
Deductions | expenses legally subtracted from income when figuring income tax |
Dependent | person one supports financially |
Excise tax | tax collected on the sale of goods and services |
FICA | law requiring workers to contribute to SS & Medicare |
Form w-2 | summary of person's earnings/withholdings for the year for each job worked |
Form W-4 | provides info employer needs to determine proper amount to withhold from person's paycheck |
Gift tax | paid by the giver on gifts w/values above a fed. threshold |
Gross income | amount earned before taxes are withheld |
income tax | tax paid on earnings from wages, interest, dividends, & other sources |
IRS | collect income taxes |
net income | amount remaining after withholds are subtracted from gross pay |
payroll tax | tax based on payroll of a business paid to the govt. |
property tax | tax on value of real estate property |
public goods | goods/services provided by gov. benefits all americans |
sales tax | added to price of goods/services at time of purchase |
tax return | set of forms taxpayers use to calculate their tax oblig. |
taxable income | income figure used to determine income taxes |
withholding | payroll tax an employer deducts from a person's wages. |
Created by:
dylandye
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