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Math Finance 2.1

Math Finance 2.1 Calculating Taxes

TermDefinition
deductions Adjustment to income that comes after the adjusted gross income is determined.
progressive tax The more a person makes, the higher the rate of taxation.
withholding allowances Relate to the number of dependents a person has and reduce the amount of taxes withheld from a paycheck.
dependent Child or other person whom an individual is supporting financially.
taxable income Portion of earnings taxed when a person files his or her tax return.
Social Security tax Contributes to retirement and disability benefits.
Medicare Federal health insurance program for people over 65 years of age.
FICA taxes Percentage of the employee’s gross pay that is withheld from each paycheck.
flat-rate tax Same rate of taxation paid by all taxpayers, regardless of income level
net pay Final calculated amount of a paycheck after federal taxes, FICA taxes, and state taxes are withheld; also called take-home pay.
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