Word Bank:

IRS System

Employer

Pay-as-you-go

Government, short

Estimated, offsite

contract labor

quarterly, third

more, two

Social Security

W-4 Form

zero

percentage, lower, net

easier, estimated

gross pay

Federal withholding

W-4

government-based savings

retirement

Medicare, 65

Federal Insurance Contributions Act

21. How you are paid determines how you will pay in to the ______________

_________________.

22. If you are an employee of a company, the company known as your

__________________ must pay in your taxes for you.

23. The federal income tax system is really a _________-_________-_________-

__________ kind of tax system.

24. The ______________ wants to make sure you’re paying as you go so you do

not come up at the end of the year _______________.

25. ________________ taxes are paid by you if you work for someone using your

own equipment and either at your own work area or ______________ from

this person or company’s actual building.

26. You are referred to as _______________ _______________.

27. Most people in this type of situation usually make their payments to the

IRS on a ______________ basis. That is every ___________ month of the year.

28. A self-employed person pays ___________ than another employee in taxes,

because basically, they are paying __________ parts.

29. When you work for someone, the employer is paying half of ______________

______________ taxes on your behalf.

30. When you go to work as an employee for an employer, you will be given a

_________ __________ to complete before you will ever get your first paycheck.

31. You can claim from __________ up to however many dependents you may have.

32. If you claim zero, then the highest _______________, based on your income,

will be withheld from your check. But, as you claim one, two or more, the

amount withheld from your check is _____________, which means your

_____________ pay will be higher.

33. It is ______________ to have your employer take extra money out of your

check and send it to the IRS on your behalf than it is to make

_______________ payments.

34. When the employer calculates your check, the first amount which is

calculated is your __________ __________.

35. _____________ _____________ is the term used for the amount of money

withheld from your paycheck to cover the income tax you owe.

36. The calculation of how much withholding is taken out of your check is

based on the information you provided in your _____________.

37. Social Security is a _____________-______________ ____________ system all

U.S. citizens who work pay into.

38. When you reach _______________ age, you will then receive a monthly check

from Social Security.

39. _______________ is a government-based medical insurance system individuals

can use after they reach the age of ______.

40. FICA stands for _____________ _________________ _________________

_____________.