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Tax Schedules 7-2 and Income Statements 7-3

Horizontales
A tax that is the same percentage or rate for everyone, such as sales tax. (335)
A tax that increases as income, the percentage or rate increases. (336)
A form that is filled out by a new employee that gives directions to the government on how much money in taxes to deduct from the employee's pay ( 344)
When money is placed in a qualified retirement account, the taxes are deferred until they are withdrawn. (347)
A tax rate schedule that decreases as income increases (337)
Where each line of the tax schedule has an increasing percent based on increasing income. (336)
Verticales
A plan the employees choose to deposit funds that will be used in a specified 12 month period of time . "use it or lose it!" (347)
A form used to report other income made from interest, stocks,and royalties ( 344)
The amount of money the worker takes home after deductions ((344)
A portion of pre-tax wages set aside for the payment of medical, childcare, and non reimbursed medical insurance. (347)
Federal.state, and local income taxes that are withheld by the employers, who then send it to the government (344)
A form used to report the withholding data, a wage and tax statement given to the employees to compute federal,state and local income taxes. (344)