Financial Literacy Taxes Terms

Health care program for the elderly and disabled

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

Which of these are examples of deductions from gross wages?

A tax on purchased goods and services

Money earned from working for pay

This form is used to prove citizenship

Helps provide retirement income for the elderly and pays disability benefits

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

Federal Insurance Contribution Act; includes Social Security and Medicare

What of these is NOT true about the purpose of a tax return?

What kind of form reports income from self-employment, freelance work, investment, or other non-employee sources?

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

A tax on earned income

What form is used by U.S. taxpayers to file an annual income tax return?

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

The wage and tax statement that states the amount of money earned and taxes paid from the previous year

Required charges to citizens by local, state and federal governments to pay for services (school, roads, defense)

Paper payment for wages earned.

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

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

The total amount of money earned before payroll withholdings

Items deducted from gross pay

The amount that is subtracted from gross pay

A tax on earned and unearned income

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

Income received from sources other than employment

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