Unit 1 Vocabulary Quiz

Someone you financially support who can be "claimed" on a tax return to reduce your taxable income and lower your taxes

• Continuous

• Mutually Exclusive

• Dependent

• Independent

The percentage at which taxes are paid on each dollar of income

• Tax Rate

• Tax Bracket

• Payroll Tax

• Efficiency Ratio

An inspection of a filer's tax return by the IRS

• Read

• Preparation

• Audit

• Dividend

The standard Internal Revenue Service (IRS) form that individuals can use to file their annual income tax returns

• w-4

• w-2

• 1040

• 1099

Form used by an employer to verify an employee's identity and to establish that the worker is eligible to accept employment in the United States

• W-4

• I-10

• E-3

• I-9

A federal program that provides monthly benefits to millions of Americans, including retirees, military families, surviving families of deceased workers, and disabled individuals

• Unemployment Insurance

• Social Security

• Medicare

• Food Stamps

Definition: Income earned through interest on savings accounts, bonds, CDs, etc.

• Dividend Income

• Unearned Income

• Income Tax

• Interest Income

A percentage of profits paid by a business to the federal and state government

• Personal Income Tax

• Corporate Income Tax

• Sales Tax

• Individual Income Tax

Definition: The amount of income that is used to calculate an individual's or a company's income tax due

• Net Operating Income

• Taxable Income

• Gross Income

• Net Income

Definition: A document attached to every paycheck that details your earnings and the amount withheld for taxes, health insurance, retirement funds, etc.

• Paycheck Stub

• Payroll Card

• Personal Balance Sheet

• Property Tax Bill