Across
- 2. a tax rate that increases as taxable income increases
- 6. Lowers taxable income
- 9. a type of deduction that is an expense that can be subtracted to reduce your tax bill. i.e. Charitable donations, money spent on business, personal property taxes, sales tax, etc.
- 10. What does FiCA stand for?
Down
- 1. This FICA payroll tax is for 6.2% of paycheck
- 3. A state or federal tax placed on certain non-essential, or potentially harmful, consumer goods. i.e. tobacco, alcohol, fuel, airline tickets, indoor tanning, heavy trucks, etc.
- 4. an amount of money that taxpayers can subtract, dollar for dollar, from the taxes they owe
- 5. excludes certain income, revenue, or even taxpayers from tax altogether
- 7. Determines the rate at which income is taxed. The five are: single, married filing jointly, married filing separately, head of household, and qualifying widow(er) with dependent child
- 8. This FICA payroll tax is for 1.45% of paycheck
- 11. a type of deduction that is a set dollar amount, set by the IRS, that reduces the amount of income on which you're taxed