Tax Forms
This form is received by employees every January and tells how much money a person has made and how much has been withheld in taxes.
What is a W-2?
This term is abbreviated YTD
What is Year-to-Date?
This refers to money withheld by the government being given back to the employee. It is not a "return", though it shares a prefix with the word.
What is a refund?
It's the total cost of courses being taken by a student.
What is tuition?
This form is filled out every year by college students to determine how much financial aid the student will receive. It usually becomes available on October 1, though it surprised us a week early this year.
What is the FAFSA?
This form is filled out when starting a new job and asks questions about family and filing status.
What is a W-4?
This term refers to money earned before deductions.
What is gross pay or gross income?
What is income tax?
This is money given to a student that they don't have to pay back.
What is a grant?
This term refers to a person being supported by someone else financially. Most people in this room would be considered one of these.
What is a dependent?
This form can be referred to as a "tax return" and is filled out by the taxpayer every calendar year before April 15.
What is a 1040?
This term refers to money taken out of paychecks before the employee gets paid out. They can be pre-tax or post-tax.
What are deductions?
This FICA tax is used to fund state health insurance for seniors (not students).
Daily double: Double your score if both FICA taxes can be named.
What is Medicare?
Someone who legally agrees to take responsibility for a person's debt if they can't repay it.
Hint: They do something to a form with the person who agrees to the debt.
What is a cosigner?
The average person who holds one of these will make more lifetime earnings than someone with just a high school diploma.
What is a college degree?
This form is filled out whenever someone starts a new job. It asks for proof of ID, proof of citizenship, and proof of eligibility for work in the U.S.
What is an I-9?
What is net pay or net income?
The tax bracket that a person's highest dollar amount falls into, and therefore the highest tax rate they pay.
What is marginal tax rate?
The rate charged for borrowing money, usually expressed as a percentage of the amount borrowed.
What is an interest rate?
These are things besides money than an employer can provide for its employees. The costs of these are deducted from paychecks, and include retirements and insurance plans.
What are benefits?
This form is delivered to employees with contracting jobs, and it can be used to fill out tax forms
What is a 1099?
This term refers to money from each paycheck being held by the government until the employee fills out their tax return for that year.
What is withholding?
An inspection of a filer's tax return by the IRS (Internal Revenue Service).
What is an audit?
Available to undergrad students, it's money borrowed that the government will pay interest on while the student is in school.
What is a subsidized loan?
This amount is subtracted from a person's gross income to get their taxable income. For single filers, it's $15,750.
What is the standard deduction?