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Advocates for Young AdultsTM
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Advocates for Young Adults
| The key to learning any new task, or overcoming the fear of a new task is to understand the vocabulary. Glossary for Taxes Background workers and their dependents. The Medicare tax is used to provide retired medical benefits for certain individuals when they reach age 65. Workers, income taxes are used to provide for national programs such as defense, retired workers, and the spouses of workers and retired workers are eligible to receive Medicare benefits upon reaching age 65. Federal taxes income taxes are used to provide for national programs such as defense, community development, and law enforcement. Employers withhold payroll know how much income tax to withhold from their employees' pay. taxes and income taxes from employees' pay. Employees complete Form W-4, Employee's Withholding Allowance Certificate, so that employers know how much income tax to withhold from their employees' pay. Key Terms federal income tax The federal government levies a tax on personal income. The federal income tax provides for national programs such as defense, foreign affairs, law enforcement, and interest on the national debt. Form W-4, - Employee's Withholding Allowance Certificate Completed by the employee and used by the employer to determine the amount of income tax to withhold. Medicare tax Used to provide medical benefits for certain individuals when they reach age 65. Workers, retired workers, and the spouses of workers and retired workers are eligible to receive Medicare benefits upon reaching age 65. payroll taxes Include Social Security and Medicare taxes. Social Security tax Provides benefits for retired workers and their dependents as well as for the disabled and their dependents. Also known as the "Federal Insurance Contributions Act" (FICA) tax. |