Employment and Taxes Vocabulary

2. A form used so that an employer can withhold the amount of federal income tax from their pay.
6. A concept in investing that involves earning returns on both the original investment and any previous returns.z
7. A federal tax on wages that provides most of the funding for Social Security.
9. A type of insurance where an insurance company agrees to pay for some or all of your medical expenses in exchange for a monthly premium payment.
11. Net pay means take-home pay, or the amount an employee earns after all payroll deductions are subtracted from their pay.
12. A type of insurance that helps pay for the cost of visits to a dentist and dental-related services.
13. A type of insurance that offers protection for lost wages when the insured person gets sick, injured, or cannot work.

1. A type of insurance that pays out a sum of money after the death of an insured person.
2. The amount of an employee's pay automatically withheld by the employer and sent to the government as a payment of income tax.
3. A federal benefit that provides retirement income for American workers.
4. The amount that an employee earns before taxes, benefits, and other payroll deductions are withheld from their wages.
5. Federal health insurance for people age 65 or older and people under 65 with certain disabilities or health conditions.
8. A payment or charge collected by the government to cover the costs of government services or activities.
10. Refers to a Social Security number, or a nine-digit number that can be used for identification.
14. Stands for the Internal Revenue Service. The IRS is responsible for enforcing and administering federal tax laws and processing tax returns.