Economics Vocabulary Choice Board

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Across
  1. 2. IRS tax form that is filled out by employees to indicate their tax situation to their employer; tells the employer the amount of tax to withhold from an employee's paycheck based on their marital status, number of allowances and dependents, and other factors
  2. 4. the most common official document that U.S. taxpayers use to file their annual income tax return
  3. 6. cash amounts taken out of the employee’s gross wages that include taxes and contributions
  4. 11. service that collects income taxes for the federal government
  5. 13. the time period when individual taxpayers prepare financial statements and reports for the previous year and submit their tax returns
  6. 17. higher rates of tax on higher levels of income
  7. 20. the money you earn before any deductions
Down
  1. 1. form where employers report wage and salary information for employees
  2. 3. the alternate form for a w-2 form if you are an independent contractor or self-employed where you receive your earnings statement
  3. 5. a tax that provides for national programs such as national defense, veterans and foreign affairs, social programs, law enforcement, and interest on the national debt
  4. 7. income receive from taxes by a government
  5. 8. federal payroll tax that is deducted from each paycheck for Medicare and Social Security
  6. 9. an illegal activity in which a person or entity deliberately avoids paying a true tax liability.
  7. 10. money that an individual or business receives, usually in exchange for providing a good or service or through investing capital
  8. 12. the money you actually get to take home and spend after deductions
  9. 14. employee compensation that is based on the number of hours worked multiplied by an hourly rate of pay
  10. 15. a document that is provided with each paycheck and that shows the amount of money that the employee earned and the amount that was removed for deductions
  11. 16. a required payment to a local, state, or national (federal) government
  12. 18. employee compensation quoted on an annual basis, such as $50,000 per year
  13. 19. verifies the identity and employment authorization of individuals hired for employment in the US; all US employers must complete this form for everyone they hire