Math 8.2 vocab

taxes used for social security and medicare benefits are called ____ taxes

FICA

subtracting certain allowable amounts from the gross income results in your ___ income. these allowable amounts, or untaxed portions of income, are called ____

adjusted gross, adjustments

your taxable income is your ____ income minus the sum of your ____ and ____

adjusted gross, exemptions, deductions

a fixed amount deducted on your tax return for each person supported by your income, including yourself, is called ____

exemption

your ____ income is your total income for the year

gross

your base pay, or ___ is your salary prior to any witheld taxes

gross

the actual amount of your paycheck after taxes have been withheld is called your _____ pay

net

sums of money that reduce federal income tax by the full dollar for dollar amount are called ____

tax credits