Financial Literacy Taxes Terms

Federal Insurance Contribution Act; includes Social Security and Medicare

Taxes collected from the seller or retailer that are “hidden” in the price.

Wages go directly from an employer bank account to an employee’s bank account

A tax on property, such as land, buildings (including homes), and automobiles

Items deducted from gross pay

Required charges of citizens by local, state and federal governments

A tax on earned and unearned income

A person who pays a tax to national, state, county or municipal governments

Income received from sources other than employment

A document an employee receives either as a notice of payment and deductions.

This form is used to prove citizenship

Money earned from working for pay

Accumulated deductions for the year

Paper payment for wages earned.

Employee’s Withholding Allowance Certificate; determines the amount of money withheld for taxes

The length of time for which an employee’s wages are calculated

A group of people with common interests and concern for the common good

The total amount of money earned before payroll withholdings

A tax on earned income

This is an electronic card that carries the wages earned on it.

Where did Mrs. Manock get her Bachelor's Degree?

Helps provide retirement income for the elderly and pays disability benefits

A tax on purchased goods and services

The check amount that is often referred to as the take home pay

The amount that is subtracted from gross pay

The wage and tax statement. States the amount of money earned and taxes paid the previous year

The amount required by law for employers to withhold from earned wages to pay taxes

Health care program for the elderly and disabled