Taxes and Paychecks
vocabulary
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Topics of this game:
- national legislative body of U.S. consisting of the Senate and House of Representatives as a continuous institution
- Internal Revenue Service; federal bureau which collects taxes every year and turns the money over to the Treasury Department to cover expenses of the U.S. government
- executive agency responsible for promoting economic prosperity and ensuring financial security of the United States
- amount, based on percentage of one’s taxable income, paid to the U.S., and in some cases, to the state in which one lives
- amount, based on a percentage of a purchase, paid to the state and local governments in which one lives
- amount, based on a percentage of property value, paid to the local governments and school districts in which one lives
- tax, similar to a sales tax, imposed on some goods
- amount, based on the value of one’s estate, which one’s heirs or beneficiaries will pay to the government upon one’s death
- tax imposed on the transfer of money or property from one living person to another by gift, payable by the donor
- person who relies on another for financial support
- amount deducted from a paycheck by an employer on the employee’s behalf to pay federal income taxes based on the number of personal allowances claimed
- Federal Insurance Contributions Act; a Social Security retirement tax
- amount of income before taxes and other deductions
- program under the U.S. Social Security Administration that reimburses hospitals and physicians for medical care
- amount of income after taxes and other deductions; also known as take-home pay
- government program which provides economic assistance to a person faced with unemployment, disability or old age; paid for by a set percentage taken out of one’s paycheck and paid to the federal government during working years
- monetary credit received on one’s tax return for each person claimed as a dependent
- amount paid before commission
- fixed amount of money paid to a person on a regular basis for services rendered
- sum of money given to an employee in addition to the employee’s usual compensation
- payment for work done per hour
- base hourly wage set by the federal government
- salary range set by the government for all government jobs
- payment for additional work done outside of regular working hours
- amount of money one is paid at the beginning of a job
- percentage paid of each sale, no base salary is available
- amount of one’s salary remaining after federal, state and often city income taxes and various other deductions have been withheld
- working on a contractual basis rather than being employed by a specific company, giving tax and income responsibility to the worker
- social insurance program which provides unemployment compensation for a limited period to involuntarily unemployed workers
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