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