Tax Vocabulary Review

This tax is used to provide medical benefits for certain individuals when they reach age 65. 

• Medicare
• Social Security
• Payroll
• Medicaid

This tax provides benefits for retired workers and their dependents as well as for the disabled and their dependents. Also known as the Federal Insurance Contributions Act (FICA) tax.

• Medicare
• Social Security
• Payroll
• Medicaid

This tax includes Social Security and Medicare taxes.

• Sales
• Property
• Payroll
• Car

A one-time compensation given in addition to an employee's usual compensation for services performed. 

• Bonus
• Salary
• Commission
• Wages

A fixed sum paid for a specific period of time worked, such as weekly or monthly.

• Bonus
• Salary
• Commission
• Wages

Compensation received by an employee based on a percentage of sales made or a fixed amount per sale.

• Bonus
• Salary
• Commission
• Wages

Money and/or goods received for services performed that go beyond the stated amount of the bill and are given voluntarily.

• Tip
• Salary
• Commission
• Wage

Compensation received by employees computed by multiplying an hourly pay rate by the number of hours worked.

• Tip
• Salary
• Commission
• Wages

The charge for the use of borrowed money

• interest
• tax
• fee
• fine

Money earned from bonds issued by states, cities, or counties and the District of Columbia.

• tax-exempt interest income
• taxable interest income
• income
• interest income