Any object that is generally accepted as payment for goods and services and repayment of debts.
What is money
100
Department of U.S. Treasury responsible for revenue tax collection and enforcing tax laws.
What is IRS
100
Type of income earned by salespeople
What is commission
100
Payroll tax deduction withheld by your employer to help pay expenses when you are sitting on an island beach after retiring
What is Social Security tax (FICA –federal insurance contribution act)
100
Lump sum income unexpectedly received, for example, gambling or the lottery
What is windfall income
200
To trade goods and services without the exchange of money.
What is barter
200
A tax levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts and other legal entities.
What is federal taxes
200
Income earned by an employee that has exceeded expectations and above average performance
What is bonus
200
The federal health insurance program that covers the elderly and the disabled.
What is medicare tax
200
Central banking system of the United States responsible for monetary policy.
What is Federal Reserve
300
Legal tender (currency) that has no intrinsic value and is not backed by reserves.
What is fiat money
300
A tax imposed by the government at the point of sale on retail goods and services.
What is sales tax
300
Extra income earned when working over 40 hours per week
What is overtime
300
An individual's income after deductions, credits and taxes are factored into gross income. The amount of money you take home
What is net pay
300
Form used for verifying the identity and employment authorization of individuals hired for employment in the United States.
What is I-9
400
Ways of receiving and/or earning money or pay for goods and services other than cash.
What is cashless society
400
An illegal practice where a person, organization or corporation intentionally avoids paying his/her/its true tax liability.
What is tax evasion
400
Income earned by an employee in the service industry
What is tips
400
Tax an employer withholds and/or pays on behalf of their employees based on the wage or salary of the employee. Social security taxes, federal income taxes, state income taxes, medicare taxes.
What is payroll tax deductions
400
The form that an employer must send to an employee and the IRS at the end of the year.
What is W-2
500
Generally accepted medium of exchange.
What is currency
500
A tax that takes a larger percentage from the income of high-income earners than it does from low-income individuals.
What is progressive tax
500
Income received in the distribution of wealth upon a loved one's death
What is inheritance
500
A legal process whereby payments towards a debt owed by an individual can be paid by a third party - which holds money or property that is due to the individual - directly to the creditor.
What is garnishment
500
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