Key terms for Taxes

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Across
  1. 1. Deduction A flat amount subtracted from taxable income.
  2. 4. Pay Compensation for hours worked over 40 in a week, calculated at 1.5 times the regular hourly rate.
  3. 5. Gains Profit earned from selling investment assets.
  4. 9. Contractor An individual working independently without employee benefits.
  5. 11. Benefits Employment benefits required by law, such as Social Security and Medicare.
  6. 14. Benefits Employer-provided perks like health insurance or retirement plans.
  7. 15. Donations Tax-deductible contributions made to qualified nonprofits.
Down
  1. 1. Security A federal program providing income for retirees and disabled individuals.
  2. 2. Deductions Expenses that reduce taxable income when listed individually.
  3. 3. A health insurance program for those aged 65 or older.
  4. 6. Tax funding Social Security and Medicare programs.
  5. 7. Gross Income (AGI) Income after allowable deductions, used to calculate taxes.
  6. 8. Wage The lowest hourly wage allowed by law.
  7. 10. Tax Taxes withheld from an employee’s paycheck for FICA and income tax.
  8. 12. Brackets Income ranges taxed at progressively higher rates.
  9. 13. Loss: Deductible property damage from federally declared disasters.