Payroll and Taxes Vocabulary

5. Refers to the money that an employer deducts from an employee's gross wages and pays directly to the government.
6. Incentive that lets taxpayers subtract the amount owed from their total tax bill
13. Ranges from 1.4% to 10.75% in NJ.
14. Is 6.625% in NJ.
16. A form or forms filed with a tax authority that reports income, expenses, and other pertinent tax information
17. Expenses or allowances that reduce a taxpayer's taxable income, thereby lowering the amount of income subject to taxation.
19. Part of a progressive tax system in which the level of tax rates progressively increases as an individual's income grows.
20. A tax paid directly to the government.
21. Expenses subtracted from taxable income, like charity and mortgage interest instead of the standard deduction.
22. April 15.
23. Professionals who specialize in taxes
24. Insurance for elderly people paid for through FICA contributions.

1. A tax is where the average tax burden increases with income.
2. A single percentage income tax rate applied to all taxpayers regardless of income.
3. U.S. payroll tax that pays into Social Security and Medicare.
4. Government program that provides income to retired or disabled people.
7. someone other than the taxpayer or spouse who qualifies to be claimed by someone else on a tax return.
8. An assessed fee based on the value of a property.
9. You income before taxes.
10. Your take home pay after taxes.
11. A paper or digital record showing an employee's earned money and deductions like taxes and insurance, given with each paycheck.
12. Expense that can be deducted from your taxable income on your tax return.
15. Example of this would be a sales tax.
18. A flat amount that is reduces your taxable income.