Tax Vocab

amount of taxes of pay before taxes

• net income

• gross income

• taxable income

• net tax

federal law requiring workers to contribute to social security and medicare

• FICA

• Federal Contribution Center

• Payroll Taxes

• Withholding

employer deductions from employees to pay such as taxes

• Standard payroll taxes

• withholding

• W-2

• W-4

Federal agency responsible for collecting income taxes

• Employers

• Employees

• FICA

• IRS

a number calculated on the W-4 form for taxes withheld

• Pay

• Allowances

• W-4

• Payroll Tax

workers earning paid to the government by their employers

• Payroll Taxes

• Standard deductions

• Payroll Expense

• W-4

wages, tips, and interest on which you pay taxes

• net income

• gross pay

• W-2

• taxable income

tax added to the cost of a product at the time of purchase

• property tax

• withholding

• sales tax

• marginal tax

simplest basic tax form

• 1099

• W-4

• 1020ez

• 1040ez

withholding allowance form employee fills out for eployer

• W-4

• W-2

• 1099

• 1040ez