Economics U2 CH1 Vocabulary

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Across
  1. 3. illegal activity where someone deliberately avoids paying a true tax liability
  2. 6. form for independent contractors or self-employed get a _____ instead of a W-2
  3. 7. requirment for employers to report wage and salary info for employees on W-2 form
  4. 9. service that collects income taxes for the federal government
  5. 11. the amount deducted from each paycheck for the Federal Insurance Contributions Act
  6. 14. federal taxes with higher rates of tax on higher levels of income
  7. 17. provides for national programs
  8. 18. money you earn before any deductions
Down
  1. 1. money you actually get to take home and spend after deductions
  2. 2. a required payment to a local state or national/federal government
  3. 4. verifies identity and employment authorization of individuals hired for employment in the U.S
  4. 5. most common official document that U.S taxpayers use to file their annual income tax return
  5. 8. income received from taxes by a government
  6. 9. money that an individual/business receives (usually in exchange for providing a good/service or through investing capital)
  7. 10. IRS tax form that is filled out by employees to indicate their tax situation to their employer (the amount of tax to withhold from an employees paycheck)
  8. 12. cash amounts taken out of employee's gross wages for taxes, health, or retirement benefits
  9. 13. employee compensation that is based on the number of hours worked multiplied by an hourly rate of pay
  10. 14. document provided with each paycheck that shows the amount of money that the employee earned and the amount that was removed for deductions
  11. 15. employee compensation quoted on an annual basis
  12. 16. when individual taxpayers prepare financial statements and reports for the previous year (AKA tax season)