The Many Forms of Income
Is the income you receive from employment.
What is earned income?
A federal program that provides income when earnings are reduced or stopped because of retirement, serious illness or injury, or death.
What is Social Security?
Taxes paid directly to the government by the taxpayer.
What are direct taxes?
A wage and tax statement form mailed to your home at the end of January.
What is a W-2 form?
Federal Insurance Contributions Act, or FICA is the law that requires the collection of
What is Social Security?
Payment for work that is expressed as an annual figure.
What is salary?
Mandatory expenses
What is entitlement?
Income tax is one type of this.
What is a progressive tax?
An amount you can subtract from the taxes you owe, if you are eligible.
What is a tax credit?
Who is the IRS or Internal Revenue Service?
To Insure Proper Service. Gratuity or money paid for service beyond what is required.
What is tip?
A federal program that pays for certain health care expenses for older citizens and others with disabilities.
What is Medicare?
Levied by federal and state governments on the sale and transfer of certain items such as gas, cigarettes, & firearms.
What is excise tax?
An employee's withholding allowance certificate.
What is a W-4 form.
Full benefits are received at age 67.
What are retirement benefits?
Earning from sources other than work, such as alimony, unemployment compensation, and inheritance.
What is unearned income?
An expense item that can be adjusted according to needs and revenues.
What is a discretionary expense?
Has the effect of imposing a higher tax rate on those with lower incomes.
What is a regressive tax?
A tax benefit that reduces the amount of income that is taxed.
What is an exemption?
Retirement, disability, and survivor are considered these.
What are Social Security Benefits?
Wages or salary before payroll deductions vs. your take-home pay.
What is gross & net income?
A government program that pays certain health care costs for eligible low-income individuals & families.
What is Medicaid?
Estate tax and gift taxes are the two main types of this.
What is wealth tax?
Famous people, such as Nicolas Cage, Wesley Snipes, Martha Stewart, Willie Nelson & Ja Rule have all been found on failing to declare all income or falsifying deductions, adjustments, or credits are forms of this.
What is tax evasion?
Which president signed the Social Security Act into law & in what year?
Who is Franklin Roosevelt in the year 1935?