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Types of Insurances
Insurance Vocabulary
Parties Involved with Insurance and Taxes
Types of taxes
Tax Vocabulary
100
This type of insurance is for your car.
What is auto insurance?
100
This is coverage over life business, possessions, and property.
What is insurance?
100
This is a person or company that gives insurance.
What is the insurer?
100
A tax on sales.
What is sales tax?
100
The form that you fill out one time when you start a job.
What is W-4?
200
This type of insurance is for your teeth.
What is dental insurance?
200
This is what and how much is covered by insurance.
What is coverage?
200
This is the person or group covered by insurance.
What is insured?
200
A tax on the income of the state.
What is state income tax?
200
The form you receive annually from your employer and it summarizes your earnings and withholdings for the year.
What is W-2?
300
This type of insurance is for when you are an owner of a home.
What is homeowner insurance?
300
The agreement between the insurance and the insurer.
What is terms?
300
The Government agency that collects taxes.
What is the IRS?
300
A levy on property that the owners require to pay.
What is property tax?
300
Your pay before deductions and withholdings.
What is gross pay?
400
This type of insurance is for when you die or reach a certain age.
What is life insurance?
400
This is the premium.
What is monthly cost of insurance?
400
The person who takes out part of your paycheck.
What is your employer?
400
Tax levied on both employees and employers.
What is social security tax?
400
The money subtracted from your paycheck.
What is deductions?
500
This type of insurance is for when you own a company or business.
What is business insurance?
500
The amount the insurance wants you to pay before they start paying.
What is deductible?
500
The person who pays the taxes.
What is a person who works?
500
It is what businesses tax to their employees for the purpose of collecting revenue.
What is an employment tax?
500
The part of your paycheck that is left after deductions and withholdings and the amount you get to keep.
What is take home/ net pay?