Across
- 4. A type of insurance that helps cover lost income when an illness or injury keeps an employee from working.
- 6. A savings plan that can be used to pay for educational expenses in elementary, secondary & higher education without paying taxes.
- 7. Eligible expenses that individuals claim on tax returns to decrease the amount of their income that can be taxed.
- 8. A filing status for a person who pays more than half the cost of housing and supporting another person.
- 10. A tax that pays for health care for people over 65 or people with disabilities.
- 13. A tax break for low- to moderate-income workers and families.
- 15. The federal government charges a tax on the money people earn while working.
- 16. An amount of money that the IRS sets each year that can be subtracted from your income before calculating the taxes you owe. This can be used if you do not itemize deductions.
- 21. This is money that is withheld from an employee’s paycheck and used for federal, state, & local needs. The amount withheld varies based on income & local laws.
- 22. A digital asset, or valuable item, that can be used like money to make purchases or hold onto like an investment.
- 23. The amount of money that self-employed workers (like in the gig economy) must pay four times throughout the year.
- 27. The Internal Revenue Service is a U.S. government agency that is responsible for collecting taxes and enforcing tax laws.
- 29. This includes a system with a group of jobs that are contract or independent work.
- 31. An amount of money that is awarded to a person to pay for loss, injury or suffering.
- 32. This is a tax form employees use to tell their employer how much federal income tax to withhold from their paycheck.
- 35. A tax that pays benefits for people who have retired, disabled people, and dependents of workers who have died.
- 37. A category the IRS uses to determine how much a person’s income is taxed. There are five filing statuses: single, married filing jointly, married filing separately, head of household and qualifying widow(er) with dependent child.
- 38. Items that reduce the actual amount of taxes you need to pay.
- 39. These are shares of ownership in a company. If the company grows in value, then the value of stock grows in value as well.
- 40. A type of insurance that pays a guaranteed amount of money if the employee passes away. The employee can decide who the money goes to in their policy.
- 41. A filing status in which a married couple files two tax returns. Each spouse files a return using their own income and deductions.
- 42. A person that is supported by another person financially.
Down
- 1. This stands for the Federal Insurance Contributions Act and is deducted from the employee’s paycheck. It includes Social Security and Medicare Tax, which provides benefits for people who are retired, disabled, and have children.
- 2. A payment made by the federal government to taxpayers who have retired or are disabled.
- 3. A filing status in which a married couple combines their incomes and files one tax return.
- 5. A tax break for educational expenses for qualifying students enrolled in a degree program in the first four years after high school.
- 9. An online program that helps an individual complete tax forms that can then be filed with the IRS.
- 11. A form of compensation that is in addition to a salary or wage. They can include social security & unemployment payments, different insurance options, company perks, & employee rewards.
- 12. A means of protection from financial loss.
- 14. A tax break that is given for each qualifying child.
- 17. Your gross income minus specific deductions. Your AGI is used to calculate how much of your income can be taxed.
- 18. Any form of money, property, or services that you earn or receive.
- 19. A set amount of money an individual earns for work completed. This is paid on a regular basis such as daily or weekly.
- 20. This is the total amount of money earned before taxes and deductions are taken out of an employee’s paycheck.
- 24. A set amount of money earned per pay period. It is usually described as the amount of money made per year.
- 25. A person whose spouse has died. Traditionally a widow is a woman whose husband has died & a widower is a man whose wife has died.
- 26. This is a tax form employers are required to send their employees each year. This form reports the total annual salary or wages and the amount of taxes withheld from their paychecks.
- 28. A type of insurance that covers the cost of medical expenses.
- 30. This is the total amount of money earned after taxes and deductions are taken out of an employee’s paycheck.
- 33. Interest is the fee someone pays to be able to borrow money.
- 34. In tax terms, any purchase or expense that reduces the overall amount of money that you earn.
- 36. Most states charge income tax on the money you earn while working. This is separate from, & additional to federal tax.