Question

match the vocabulary word with the definition below.
a. taxes that you pay based on your salary, hourly wage, tips, or interest.
b. a certain percentage is taken out of your income and is used to fund this program.
c. the federal bureau that is in charge of collecting income tax and processing tax returns.
d. this is money that is withheld from your paycheck by your employer and given to the government to use.
e. payments to governments that are then used for public goods and services.
f. you pay these taxes if you own a home, boat, car, atv, etc.
g. fica tax, medicare tax, federal income tax, state income tax, and other local taxes are all part of a specific tax.
h. government income that they get from taxes.
i. \federal insurance contribution act\ that funds social security and medicare.

1. internal revenue service
2. income tax
3. taxes
4. medicare
5. fica tax
6. payroll taxes
7. property taxes
8. tax revenue
9. withholding

Explanation:

• Internal Revenue Service: As per the definition in option c, it is the federal bureau for income - tax collection and tax - return processing.
• Income Tax: Option a describes taxes based on salary, wage, etc., which is income tax.
• Taxes: Option e defines payments for public goods/services, which is the general concept of taxes.
• Medicare: Option b mentions a percentage from income for a program (Medicare is funded this way).
• FICA Tax: Option i is the full form of FICA (Federal Insurance Contribution Act) which funds social security and Medicare (FICA tax).
• Payroll Taxes: Option g lists FICA, Medicare, etc., which are part of payroll taxes.
• Property Taxes: Option f is about taxes on owned property (home, car, etc.), which is property tax.
• Tax Revenue: Option h is government income from taxes, which is tax revenue.
• Withholding: Option d is money withheld from paycheck by employer for government, which is withholding.

Answer:

1. c. The federal bureau that is in charge of collecting income tax and processing tax returns.
2. a. Taxes that you pay based on your salary, hourly wage, tips, or interest.
3. e. Payments to governments that are then used for public goods and services.
4. b. A certain percentage is taken out of your income and is used to fund this program.
5. i. "Federal Insurance Contribution Act" that funds social security and Medicare.
6. g. FICA tax, Medicare tax, federal income tax, state income tax, and other local taxes are all part of a specific tax.
7. f. You pay these taxes if you own a home, boat, car, ATV, etc.
8. h. Government income that they get from taxes.
9. d. This is money that is withheld from your paycheck by your employer and given to the government to use.