Across
- 2. A form that an employer must send to an employee and the IRS at the end of the year to report the employee's annual wages and taxes withheld from their paycheck.
- 5. A standardized dollar amount that reduces your taxable income, specifically for individuals who do not receive additional benefit by itemizing their deductions into medical expenses, donations, etc.
- 6. A document attached to every paycheck that details your earnings and the amount withheld for taxes, health insurance, retirement funds, etc.
- 8. The amount of tax liability that a taxpayer will need to pay to the federal or state government
- 9. A category that defines the type of tax return an individual will use, primarily based on marital status; it also determines the size of your tax brackets and how much of your income is taxed at each rate.
- 10. A government-run insurance program that provides healthcare assistance to low income Americans.
- 11. A reimbursement made to a taxpayer for any excess amount paid in taxes to the federal or state governmnet
- 14. Money from the profits of a company that is paid out to its shareholders, typically on a quarterly basis.
- 15. Taxes paid by employees to federal and state governments through a direct deduction from their paycheck.
- 16. A form that details all "non-employee" compensation, including for specific jobs like freelancers or contractors.
- 17. A form completed by an employee to indicate his or her tax situation (exemptions, marital status, etc.) to the employer, who then withholds the corresponding amount of taxes from each paycheck.
Down
- 1. The government decides how much tax you owe by dividing your taxable income into chunks. Each one gets taxed at a different rate and depends on your filing status.
- 2. The portion of an employee's wages that is not included in their paycheck because it goes directly to federal, state and local taxes.
- 3. A government-run insurance program that provides healthcare assistance to elderly and disabled Americans.
- 4. An annual report to the IRS summarizing total income, deductions, and the taxes withheld by employers.
- 7. A federal program that provides monthly benefits to millions of Americans, including retirees, military families, surviving families of deceased workers, and disabled individuals.
- 12. A federal law that requires an employer to withhold taxes from the wages they pay their employees; the funds go toward Social Security and Medicare.
- 13. Someone you financially support who can be "claimed" on a tax return to reduce your taxable income and lower your taxes.
- 15. Form used by an employer to verify an employee's identity and to establish that the worker is eligible to accept employment in the United States.
- 16. The standard Internal Revenue Service (IRS) form that individuals can use to file their annual income tax returns.