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1.3 Key terms

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Across
1
Taxes paid on property owned
5
Taxes that are paid on the inheritance of assets following the death of an individual. Not all states have this.
10
This is to report information on the income you receive outside of your typical salary, for example with contract work
12
The document that your employer sends to you and the IRS at the end of the year that reports your wages and amount of taxes withheld from your paycheck
13
People that make more money (or who have higher taxable incomes) pay more federal income taxes. People who have less taxable income, pay less federal income taxes
16
Loss resulting from games of hance or wagers on events with uncertain outcomes.
18
Exchanging goods or services without using money
20
Federal Insurance Contributions Act which includes payroll taxes for Medicare and social security
21
Reductions to your income in terms of how it counts for taxes
22
Ranges of income taxed at different rates. Your tax bracket depends if you are married and filing your taxes together or jointly, married and filing separately, the head of the household, or if you are single
Down
2
Determined by the amount of income remaining after deductions.
3
An insurance program workers' pay into the program for at least 10 year or more and can collect money once they turn 62. If they wait until age 70 to collect, they will receive more benefits.
4
Taxes on the sale of goods and services
6
Percentage of money withheld from your paycheck by your employer who then pays it to the government for you. In the US, this is FICA
7
Form that informs your employer of your tax situation and informs them how much tax to with withhold from your paycheck based on your marital status and other deductions.
8
What individual taxpayers use to file their taxes with the IRS. Helps individuals determine if they owe taxes or if they will get a tax refund.
9
Verification of identity and legal authorization to work
11
A tax on the growth in the value of investments. Taxes are paid when the assets are sold.
14
Taxes that are put on specific goods, services, and activities such as coal, fuel, sports wagering, and indoor tanning
15
Income paid for the use of an original work such as art, music, a logo, film or book.
17
A federal health insurance program for Americans 65 years or older and some people with disabilities
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This form confirms a person's name, address, taxpayer identification number (TIN) for employment or income purposes.