Tax and Personal Finance Terms

1. the form that an employer must send to an employee and the IRS at the end of the year
5. a form on which a taxpayer makes an annual statement of income and personal circumstances, used by the tax authorities to assess liability for tax
7. a direct tax levied by a state on your income
8. a monetary charge that your health insurance plan may require you to pay in order to receive a specific medical service or supply at a doctor's office
9. the amount of money you will pay in an insurance claim before the insurance coverage kicks in
12. a type of account where you typically only deposit money for the purpose of earning interest
13. an amount of money that can be offset against what is owed on taxes
14. the tax levied on both employers and employees to fund the Social Security program
15. a sum of money placed or kept in a bank account

1. an act of taking money out of an account
2. a tax levied by the IRS on the annual earnings of individuals, corporations, trusts, and other legal entities
3. lower's a person's tax liability by lowering their taxable income
4. refers to an individual's income after taking taxes and deductions into account
6. an individual's total pay before taxes or other deductions
10. the amount of money that an individual or business must pay, usually monthly, for an insurance policy
11. a type of account where you can make regular deposits and withdrawals