Tax Unit Vocabulary - Spring '25

A fee that a salesperson receives upon completion of a sale.

A person who relies on someone else for financial support. Parent/Guardian can "claim" on tax return to reduce their taxable income and lower tax bill.

Wages are deposited directly into a depository institution account.

Employers may offer employee benefits in the form of products or services that add EXTRA value for employees beyond earned wages.

The amount the employer has contributed to various employee benefits.

Agreement between an employer and employee.

The form that determines the amount of an employees’ pay that will be withheld for federal taxes.

Act allows eligible employees unpaid time off for specified family and medical reasons.

An individual’s income earned as salary or wages before taxes and other deductions.

A tax on earned and unearned income.

A federal program whose main purpose is to help pay for health care for those over 65.

Amount of money left once all payroll deductions have been subtracted from gross income; often referred to as “take home pay.”

A check written to a worker in the amount of money earned.

A reloadable card onto which a worker’s pay is loaded. These cards are not linked to a checking account and are not intended for savings.

Taxes withheld or paid on your behalf by your employer from earned income, supports Social Security and Medicare programs.