TJ PF Tax Unit Vocab (2026)

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Across
  1. 8. dues paid for membership in our society, used to fund things like road maintenance, government programs, and national defense
  2. 9. a type of deduction that anyone can claim for $15,750
  3. 10. employers use the W-4 to determine how much to remove from your paycheck for taxes
  4. 12. the president who is responsible for enacting the Social Security Act in 1935
  5. 13. type of mandatory tax used to secure income for workers who qualify for retirement (2 words)
  6. 15. term used to describe a retired person choosing to collect social security after the age of 70 (2 words)
  7. 17. a range of income tax dollars that have different percentages used to calculate federal and state taxes (2 words)
  8. 19. the lowest dollar amount that an employer is allowed to pay an employee (2 words)
  9. 21. the amount that you get back from the government after paying too much in taxes
  10. 22. the federal agency that receives your 1040 forms (acronym)
  11. 23. an employee earns these each time that they earn $1810 in income during 3 consecutive months within one calendar year
  12. 25. this money is removed from gross pay so that a smaller amount of income is taxable
Down
  1. 1. investment earnings reported on form 1099 and listed on line 7a of the 1040 (2 words)
  2. 2. this form is used to prove and verify ____________________
  3. 3. term used to describe a retired person choosing to collect social security payments at the age of 67 (2 words)
  4. 4. hours worked beyond 40 hours in one week
  5. 5. the total earnings for an employee before any deductions or withholdings
  6. 6. the amount of income that is used to calculate an employee’s federal, state and FICA taxes
  7. 7. a type of tax structure that requires someone with higher income to pay a higher rate of tax for a portion of income
  8. 11. the amount of taxable income remaining after voluntary deductions (3 words)
  9. 14. a type of tax applied to taxable earnings
  10. 16. amount on your paycheck stub that is referred to as "take-home" pay; the actual amount that you can spend
  11. 18. term used to describe a retired person choosing to collect social security between the ages of 62 and 66 (2 words)
  12. 20. type of mandatory tax used to secure funds for individuals over 65 to cover healthcare expenses
  13. 24. this acronym is used on your paycheck stub to represent social security and medicare taxes