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Key Words
Type of Tax Deductions
Types of Forms
Tax Rate
Random Pick
100

The amount of money you earn before any payroll deductions.

Gross Income

100

Tax deducted from an individual’s paycheck, such as for Social Security
and Medicare.

Payroll Tax

100

An important IRS form used to show your income earned and taxes paid over the year.

Form 1040

100

What percentages do tax rates range from?

10%-37%

100

Taxes used to fund federal programs.

Federal Taxes

200

Positive Cash Flow

Surplus

200

Tax deducted from an individual’s paycheck based on their net income.

Income tax

200

Comprises a series of forms that catalog income that is earned outside of a job using Form W-2. Form.

Form 1099

200

Unmarried Individuals are called what in Tax Brackets?

Single

200

A health insurance program for low-income
individuals and people with limited resources.

Medicaid

300

This means to list deductions individually.

Itemized deduction

300

Tax applied to personal property, such as a house or automobile.

Property tax

300

An employment eligibility verification form.

Form I-9

300

Married couples filing taxes together are called what in Tax Brackets?

Married, filing jointly

300

Money that can be subtracted from taxes that are owed.

Tax Credit

400

Negative cash flow.

Deficit

400

 Tax applied on the sale of goods and services, usually calculated as a
percentage of the purchase price and collected by the seller.

Sales Tax

400

Prepared by the employer, reports an employee’s annual wages and the amount of taxes withheld from paychecks.

Form W-2

400

Married couples filing  
taxes separately are called what in Tax Brackets?

Married, filing separately 

400

Local Police and Fire services are funded by this.

Local Taxes

500

An employer-sponsored retirement plan, sometimes with matching funds.

401(k)

500

The amount of federal tax on earnings imposed by the IRS based on tax tables.

Federal Income Tax

500

This is used to determine the amount of income tax deducted from your paycheck when you begin a new job, based on various factors about your income and household.

Form W-4

500

Unmarried individuals  
with a dependent are called what in Tax Brackets

Head of Household

500

Employees call this a paycheck but employers call this a....

Pay Stub