Across
- 4. IRA: A type of individual retirement account in which contributions may be tax-deductible, and earnings grow tax-deferred until withdrawn in retirement.
- 6. Tax: A tax imposed by governments on income generated by individuals and entities within their jurisdiction.
- 7. Income: Income derived from employment or self-employment activities, including wages, salaries, tips, and bonuses.
- 9. (Federal Insurance Contributions Act): The U.S. law that mandates the collection of Social Security and Medicare taxes from employees' paychecks.
- 10. Security: A federal program in the United States that provides retirement, disability, and survivor benefits to eligible individuals and their families.
- 11. A retirement savings plan sponsored by an employer that allows employees to save and invest a portion of their paycheck before taxes are deducted.
- 13. SE: A form used in the United States to calculate self-employment tax, which includes Social Security and Medicare taxes for self-employed individuals.
- 15. IRA: A type of individual retirement account in which contributions are made with after-tax dollars, but withdrawals in retirement are tax-free under certain conditions.
- 18. A federal health insurance program in the United States primarily for people aged 65 and older, as well as for certain younger individuals with disabilities.
- 19. Amounts subtracted directly from the tax owed by an individual or business, reducing their tax liability dollar for dollar.
- 20. Status: Refers to the classification of an individual for tax purposes, determining whether they can be claimed as a dependent on another taxpayer's return.
Down
- 1. The process of deducting a portion of an employee's pay and remitting it to the government as payment of income taxes.
- 2. Tax: The tax paid by individuals who work for themselves, including Social Security and Medicare taxes.
- 3. Income: Income derived from sources other than employment, such as investments, dividends, interest, and rental income.
- 5. Threshold: The level of income above which a taxpayer becomes subject to certain tax rules, deductions, or limitations.
- 8. (Individual Retirement Account): A tax-advantaged investment account in the United States that individuals can use to save and invest for retirement.
- 12. The amount of money returned to a taxpayer when their tax payments exceed the amount of tax owed.
- 13. C: A form used in the United States by sole proprietors to report business income and expenses for tax purposes.
- 14. Income: The total income earned by an individual or business before deductions, exemptions, and taxes.
- 16. Return: A form filed with a taxing authority, such as the Internal Revenue Service (IRS) in the United States, containing information about a taxpayer's income and applicable deductions and credits, used to calculate the amount of tax owed or refund due.
- 17. W-4: Employee's Withholding Certificate; a form used by employers in the United States to determine the amount of federal income tax to withhold from an employee's paycheck.