Paycheck Word Scramble
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Term | Definition |
Federal income tax | A pay deduction required by law that supports the federal government |
Deductions | Taxes and other money withheld from an employee’s gross pay. |
403B or 401K | Money employees set aside or invest for retirement. |
Social Security tax | A federal tax that supports elderly, disabled, or orphaned citizens. |
State income tax | A pay deduction required by law that supports the state government. |
Deductions | taxes, money taken out your paycheck |
W-2 | Shows how much you earned and how much tax you paid for the entire year. |
W-4 | Fill out this form so your employer knows how much tax to take out of your paycheck. |
Gross Pay | your pay BEFORE taxes and other deductions. |
Net Pay | Take Home Pay. The amount of your check AFTER taxes and other deductions. |
Medicare | Social health insurance program |
Progressive Tax | The more you make the more taxes you pay. |
Regressive Tax | Everyone regardless of income pays the same amount. Example: Sales Tax |
Benefits Received | This principle says: If you use the service, you pay the tax. Examples: Bridge and Road Tolls |
Ability to Pay | This principle says: The amount of tax you pay should be based on how much you earn. |
Created by:
sanmuth
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