, Business - Finance II of VII pages
Circle the letter of the Definition that corresponds to the displayed Term.
1. Employer
A: A form completed by an employee to indicate his or her tax situation (exemptions, status, etc.) to the
B A person or organization that employs people. synonyms:
C: The form that an employer must send to an employee and the Internal Revenue Service (IRS) at the end
the year. The W-2 form reports an employee's annual wages and the amount of taxes withheld from his or
D: Employee-claimed exemptions on the tax form employers use to determine how much of an
pay to subtract from his or her paycheck to remit to the tax authorities. The more allowances you claim,
2. Dependent
A: Unless exempt, employees covered by the Act must receive overtime pay for hours worked over 40 in a
B: Federal Insurance Contributions Act (FICA) tax is a United States federal payroll (or employment) tax
on both employees and employers to fund Social Security and Medicare—federal programs that provide
C A person who relies on another, especially a family member, for financial support.
D: The electronic transfer of a payment directly from the account of the payer to the recipient's account.
3. Social security tax
A: The electronic transfer of a payment directly from the account of the payer to the recipient's account.
B: a person employed for wages or salary, especially at nonexecutive level
C: describes a rate an employer agrees to pay a worker per hour worked, such as $12 per hour or $17.50
hour. The “average” or “mean” is an estimated hourly rate calculated using the varying hourly rates of a
D The tax levied on both employers and employees used to fund the Social Security program. Social
tax is usually collected in the form of payroll tax or self-employment tax. The Social Security tax pays for
4. Employee
A: a fixed regular payment, typically paid on a monthly or biweekly basis but often expressed as an annual
B a person employed for wages or salary, especially at nonexecutive level
C: Tax deduction is a reduction of income that is able to be taxed, and is commonly a result of expenses,
those incurred to produce additional income. The difference between deductions, exemptions and credit is
D: the process of exempting a person from paying taxes on a specified amount of income for themselves
5. Tips
A: A form completed by an employee to indicate his or her tax situation (exemptions, status, etc.) to the
B: A tax levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals,
C a sum of money given to someone as a reward for their services.
D: An individual's total personal income before taking taxes or deductions into account. 2
Business - 2024/25 2024/2025 Edition
Circle the letter of the Definition that corresponds to the displayed Term.
1. Employer
A: A form completed by an employee to indicate his or her tax situation (exemptions, status, etc.) to the
B A person or organization that employs people. synonyms:
C: The form that an employer must send to an employee and the Internal Revenue Service (IRS) at the end
the year. The W-2 form reports an employee's annual wages and the amount of taxes withheld from his or
D: Employee-claimed exemptions on the tax form employers use to determine how much of an
pay to subtract from his or her paycheck to remit to the tax authorities. The more allowances you claim,
2. Dependent
A: Unless exempt, employees covered by the Act must receive overtime pay for hours worked over 40 in a
B: Federal Insurance Contributions Act (FICA) tax is a United States federal payroll (or employment) tax
on both employees and employers to fund Social Security and Medicare—federal programs that provide
C A person who relies on another, especially a family member, for financial support.
D: The electronic transfer of a payment directly from the account of the payer to the recipient's account.
3. Social security tax
A: The electronic transfer of a payment directly from the account of the payer to the recipient's account.
B: a person employed for wages or salary, especially at nonexecutive level
C: describes a rate an employer agrees to pay a worker per hour worked, such as $12 per hour or $17.50
hour. The “average” or “mean” is an estimated hourly rate calculated using the varying hourly rates of a
D The tax levied on both employers and employees used to fund the Social Security program. Social
tax is usually collected in the form of payroll tax or self-employment tax. The Social Security tax pays for
4. Employee
A: a fixed regular payment, typically paid on a monthly or biweekly basis but often expressed as an annual
B a person employed for wages or salary, especially at nonexecutive level
C: Tax deduction is a reduction of income that is able to be taxed, and is commonly a result of expenses,
those incurred to produce additional income. The difference between deductions, exemptions and credit is
D: the process of exempting a person from paying taxes on a specified amount of income for themselves
5. Tips
A: A form completed by an employee to indicate his or her tax situation (exemptions, status, etc.) to the
B: A tax levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals,
C a sum of money given to someone as a reward for their services.
D: An individual's total personal income before taking taxes or deductions into account. 2
Business - 2024/25 2024/2025 Edition
