8.11 Taxes Flashcard

Front

Required payments to a government.

Back

Taxes

Front

A portion of one’s personal income paid to a government including the federal and state.

Back

Income tax

Front

A tax on income to fund the social security benefits to most Americans who are retired, sick, or too disabled to work, and to families of workers who have died.

Back

FICA - Social Security

Front

A tax used to fund the government's Medicare program, which provides subsidized healthcare and hospital insurance benefits to retirees and the disabled.

Back

FICA - Medicare

Front

Is the total amount you earn before any deductions are subtracted? Options: Net Pay, Gross Pay, Income, Taxes

Back

Gross Pay

Front

Income amount remaining after all deductions have been taken out of gross pay.

Back

Net Pay

Front

Amounts subtracted from your gross pay

Back

Deductions

Front

Federal Government programs and services are supported through?

Back

Federal Income Tax

Front

___________ Goes into a federal program that provides financial support for people who are retired.

Back

Social Security Tax

Front

State government services are paid for by

Back

State Income Tax