The Social Security Tax rate is

The Medicare Tax rate is

Payroll taxes include income taxes, Social Security (FICA) tax and Medicare Tax

Employees complete Form _________________to compute the amount of income tax to withhold.

A form W-4 does not need to include a social security number.

The total number of allowances determines how much federal taxes will be withheld from an employees check.

The form that is sent out by employers to employees at the end of the year to complete their taxes.

Tips are taxable income

Interest income may be taxable or tax-exempt

_____________ is the charge for the use of borrowed money.

All taxable interest income is reported to the taxpayer on a Form

A person must meet the requirements of either a "Qualifying Child" or a "Qualifying Relative" to be claimed as a dependent.

The ______________________ determines the rate at which income is taxed.

Some taxpayers are eligible to use more than one filing status.

Taxpayers can claim an exemption for a person who can be claimed as a dependent on another tax return.