Unit 4 Vocab: Taxes

3. A fee paid to the government for the privilege of being licensed to do something
4. Amount you earn before taxes are withheld
5. Government-sponsored insurance program that provides cash payments to help replace income lost as a result of retirement, unemployment, disability, or death
7. Amount you receive after withholdings are subtracted from your gross pay
8. A set of forms that taxpayers use to calculate their tax obligation
10. Taxes imposed on imported goods (also known as custom duties)
14. Employer deductions from employees' earnings to pay employees' taxes
19. A number that you calculate on a Form W-4 that reduces the amount withheld from your pay
20. Tax on the value of real estate owned
21. The simplest of the basic income tax forms, often used by young people and others who finances are fairly uncomplicated
23. A statement of the interest your bank paid on your savings that year
24. Tax included in the price of certain goods and services
25. Federal law that requires workers and their employees to contribute to Social Security and Medicare

1. Tax added to the price of goods and services at the time of purchase
2. For tax purposes, the people you support financially
6. All the wages, tips, and interest on which you pay taxes
9. Goods and services provided by the government that benefit all Americans
11. Federal agency responsible for collecting income taxes
12. A form that you fill out to provide the information your employer needs to determine the proper amount to withhold from your paycheck
13. Tax on property received by the legal heirs when someone dies
15. Taxes you pay on most types of income you receive
16. A summary of your earnings and witholdings for the year for a job
17. Any expenses you can legally subtract from your income when figuring you taxes
18. A share of workers' earnings paid to the government by workers and their employers
22. Tax paid by the giver of gifts worth more than $12,000