CFM Tax and Employment Terms P4

Social Security

• A tax that provides retirement income for people over 62 years old and benefits for the disabled.

• A tax that funds public education for children.

• A tax that supports military veterans and their families.

• A tax that is used for infrastructure development.

W 4 Form

• A form used to apply for a job

• The name of the form you complete when you begin a new job that tells the employer how much taxes to withhold from your earnings.

• A document for reporting income to the IRS

• A form for requesting time off from work

1040 Form

• A document individual taxpayers use to file their annual income tax returns to the IRS.

• A form used by businesses to report their quarterly earnings.

• A tax form for claiming deductions on mortgage interest.

• A document for reporting foreign bank accounts to the IRS.

IRS

• International Revenue Service

• Internal Revenue Service

• Income Regulation Service

• Investment Revenue System

Medicare

• A tax that provides medical benefits to those 65 or older.

• A program for low-income families to receive healthcare.

• A tax on employers to fund unemployment benefits.

• A health insurance plan for children under 18.

Deduction

• Amount of money added to gross pay for bonuses and incentives.

• Amount of money subtracted from gross pay for mandatory taxes, medical benefits, and/or retirement benefits.

• Amount of money set aside for personal savings and investments.

• Amount of money given as a gift or donation to charity.

Gross Pay

• Total amount of money earned before deductions.

• Amount of money after taxes are deducted.

• Total expenses incurred by an employee.

• Net income after all deductions.

Year to date

• January 1, 2025 through today

• Last fiscal year

• Next calendar year

• The entire previous year

Medical Insurance Premium

• Mandatory payment for healthcare services.

• Voluntary deduction for your healthcare coverage.

• Fixed cost for hospital visits.

• Annual fee for medical consultations.

Direct Deposit

• Deposit of funds electronically into a bank account rather than through a physical, paper check.

• A method of withdrawing cash from an ATM without a card.

• A type of bank account that earns interest on deposits.

• A service that allows checks to be cashed instantly at retail locations.