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Tax terms

Total questions: 15

Worksheet time: 8mins

Name
Class
Date
1.

the amount of money your employees receive before any taxes and deductions are taken out.

a)

Gross Pay

b)

Rate

c)

401k

d)

Benefit

2.

the amount one receives after taxes and deductions have been withheld during a pay period.

a)

SUI

b)

Net pay

c)

Deductions

d)

Earnings

3.

a fixed price paid or charged for something, especially goods or services.

a)

Net pay

b)

Pretax

c)

Rate

d)

SSN

4.

an employer-funded tax that gives short-term benefits to those who lost or left their jobs for a variety of reasons. ... This rate changes depending on the amount of money an employer pays their employees as well as the number of employees laid off.

a)

SUI

b)

Rate

c)

Gross pay

d)

Allowance

5.

a qualified retirement plan that allows eligible employees of a company to save and invest for their own retirement on a tax deferred basis.

a)

401k

b)

YTD

c)

FICA

d)

Rate

6.

money obtained in return for labor or services.

a)

SUI

b)

Earnings

c)

Allowance

d)

W-4

7.

considered or calculated before the deduction of taxes.

a)

Gross Pay

b)

Pretax

c)

Net pay

d)

401k

8.

granted to a customer who had purchased merchandise with a pricing error or other problem not involving the return of goods. If the customer purchased on credit,

a)

FICA

b)

Rate

c)

Pretax

d)

Allowance

9.

The action of deducting or subtracting something

a)

Deduction

b)

Pretax

c)

SUI

d)

W-2

10.

an Internal Revenue Service (IRS) tax form completed by an employee in the United States to indicate his or her tax situation (exemptions, status, etc.) to the employer.

a)

W-4

b)

W-2

c)

401k

d)

Rate

11.

a payment or gift made by an employer, the state, or an insurance company.

a)

Net pay

b)

Benefit

c)

Gross pay

d)

SUI

12.

a nine-digit number issued to U.S. citizens, permanent residents, and temporary (working) residents

a)

SSN

b)

Rate

c)

Deductions

d)

W-2

13.

the period beginning the first day of the current calendar year or fiscal year up to the current date

a)

YTD

b)

Benefit

c)

Gross pay

d)

FICA

14.

U.S. law that mandates a payroll tax on the paychecks of employees, as well as contributions from employers, to fund the Social Security and Medicare programs.

a)

SSN

b)

FICA

c)

SUI

d)

YTD

15.

the document an employer is required to send to each of their employees and the Internal Revenue Service (IRS) at the end of the year.

a)

W-4

b)

W-2

c)

Rate

d)

Pretax