Taxes

The amount of money you actually receive after the deductions are taken from your gross income.

• Net income
• Deductions
• Wages
• Tax

Amounts of money taken from income before you are paid.

• Commission
• Retainer
• Deductions
• Rate

Total money you earn before taxes and other deductions.

• Salary
• Net income
• Gross income
• Wages

This is paid to the Government once a person's income passes a set amount. 

• Fees
• Wages
• Tax
• Salary

As taxable income increases, income tax rates ____

• increase
• decrease
• stay the same
• could go either way

Your take home pay is also known as what?

• Gross Pay
• Net Pay
• Tax Exemptions
• Taxable Earnings

This form will be sent to Lily by the end of January. She will use this W-2 form to…

• Obtain employment

• Receive her paycheck

• File her income taxes 

• Begin her retirement savings

All of the following employee information is included on a W-2 form EXCEPT...

• Employer name and EIN (Employer Identification Number)

• Employee’s Social Security Number

• Employee’s date of birth

• Employee’s current address

When Maxwell completes this W-4, who should he submit it to? 

• Big City Office Furniture

• The IRS

• No one - he keeps it for his records

• His spouse

Taxes are collected by

• Businesses

• Parents

• Foreign countries

• Government