1040\n1099\n401(k)\ndeduction\ndependent\ndiscretionary government spending\nearned income\nemployer…

1040\n1099\n401(k)\ndeduction\ndependent\ndiscretionary government spending\nearned income\nemployer contributions\nfica\ngross pay\nhousehold employee\ni - 9\nincome taxes\nmandatory government spending\nmedicare\nnet pay\npre - tax deductions\nrefund\nself - employed\nsocial security\nunearned income\nw - 2\nw - 4\nwithholding\n1. when starting a new job, employees must fill out a(n) ______________ form to indicate their tax withholding preferences.\n2. to verify employment eligibility, new hires in the u.s. must complete the ______________ form.\n3. if you overpaid your taxes throughout the year, you will likely receive a(n) ______________ when you submit your tax return.\n4. billys retirement contribution is a(n) ______________, so it is not included in his taxable income.\n5. you may have to file taxes if you receive a certain amount of ______________ through gifts, unemployment benefits, dividends, or inheritance.\n6. employees and employers both pay a payroll tax for social security and medicare. these government programs are considered ______________ because that spending is required by law.\n7. your paycheck shows the amount of tax ______________ that has been taken out of your earnings.\n8. individuals who work for themselves, such as freelancers or contractors, are considered ______________.\n9. the ______________ form is used to report various types of income other than wages, salaries, and tips.\n10. ______________ provides benefits for people who are retired, disabled, or survivors of deceased workers.

1040\n1099\n401(k)\ndeduction\ndependent\ndiscretionary government spending\nearned income\nemployer contributions\nfica\ngross pay\nhousehold employee\ni - 9\nincome taxes\nmandatory government spending\nmedicare\nnet pay\npre - tax deductions\nrefund\nself - employed\nsocial security\nunearned income\nw - 2\nw - 4\nwithholding\n1. when starting a new job, employees must fill out a(n) ______________ form to indicate their tax withholding preferences.\n2. to verify employment eligibility, new hires in the u.s. must complete the ______________ form.\n3. if you overpaid your taxes throughout the year, you will likely receive a(n) ______________ when you submit your tax return.\n4. billys retirement contribution is a(n) ______________, so it is not included in his taxable income.\n5. you may have to file taxes if you receive a certain amount of ______________ through gifts, unemployment benefits, dividends, or inheritance.\n6. employees and employers both pay a payroll tax for social security and medicare. these government programs are considered ______________ because that spending is required by law.\n7. your paycheck shows the amount of tax ______________ that has been taken out of your earnings.\n8. individuals who work for themselves, such as freelancers or contractors, are considered ______________.\n9. the ______________ form is used to report various types of income other than wages, salaries, and tips.\n10. ______________ provides benefits for people who are retired, disabled, or survivors of deceased workers.

Answer

Brief Explanations:

  1. The W - 4 form is filled out by employees at a new job to indicate tax - withholding preferences.
  2. The I - 9 form is used to verify employment eligibility in the U.S.
  3. Overpaying taxes throughout the year results in a refund when the tax return is submitted.
  4. Pre - tax deductions like 401(k) contributions are not included in taxable income.
  5. Unearned income from gifts, unemployment benefits, etc. may require tax - filing.
  6. Social Security and Medicare are mandatory government spending as required by law.
  7. Withholding is the amount of tax taken out of earnings shown on a paycheck.
  8. Freelancers and contractors are self - employed.
  9. The 1099 form reports various types of income other than wages, salaries, and tips.
  10. Social Security provides benefits for retirees, the disabled, and survivors of deceased workers.

Answer:

  1. W-4
  2. I-9
  3. Refund
  4. Pre-tax deduction
  5. Unearned income
  6. Mandatory government spending
  7. Withholding
  8. Self-employed
  9. 1099
  10. Social Security