Economics Vocab Terms

1. IRS form that calculates total taxable income and how much is to be paid or refunded by the government
3. Document given by an employer that outlines Gross Pay and Deductions
6. Tax imposed by both federal and state governments, determined by applying a tax rate
7. AKA employment eligibility verification, used to verify the legal authorization of all paid employees in the U.S
9. non or under payment of taxes that can be charged criminally
12. Levy imposed by a government to help fund government spending
13. What someone earns before deductions
15. IRS tax form completed by employee that tells employer the correct amount of federal tax to withhold
17. Tax rate that increases as taxable income increases (or vice versa)

1. Form used to report certain types on non-employment income to the IRS
2. Federal Payroll Tax that allows one to earn credits for Social Security Benefits
4. expense subtracted from an individuals income
5. What someone earns after deductions
8. Total amount of income generated by sale of goods or services
9. Yearly time when individuals prepare financial statements to submit and get their tax return
10. Money recieved in exchange for a good or service
11. Payment based on hourly rate
14. Fixed Payment amount per Pay Period
15. Form that employers use to report wages paid and taxes withheld
16. Government organization responsible for the collection of taxes