Sources of Tax Revenue
What are the Federal, State and Local?
This document is received when you start a job so you can confirm you can work in the US.
What is an I-9?
This amount of $13,850 is reduced from your taxable income each year.
What is the Standard Deduction?
This is the amount you subtract from your income when you file, so you don't pay tax on it.
What is a Deduction?
This is a tax based on your income.
What is Income Tax?
This is the % of your payroll that goes to Social Security.
What is 6.2%?
This document tells your employer how much money to hold in taxes for you.
What is a W-4?
This is the actual amount of money you take home after taxes & deductions.
What is Net Income?
This is a tax consisting of Social Security and Medicare taxes primarily for individuals who work for themselves.
What are Self Employment Deductions?
This is the annual tax on your vehicle(s), and in some states, luxury items.
What is an Excise Tax?
This is the % of your payroll that goes to Medicare
What is 1.45%?
This document must be sent out by January 31st.
What is a W-2?
These are the ranges of income levels that determine your specific tax rate.
What is a tax bracket?
Religious, educational, or charitable organizations exempt from federal taxation, are considered this type of organization.
What a Non-Profit?
This is the name for the combined taxes of Social Security & Medicare.
What is FICA?
This/these is the governing body/level that pays for welfare programs.
If you received this document, you likely have a big tax bill coming your way.
What is a 1099?
This is income that is not subject to being taxed.
What is a tax exemption?
With a maximum deduction of $2,500 a year, you can take a this deduction for paying interest on this type of loan.
What is the Student Loan Deduction?
This is the percentage for the MA sales tax.
What is 6.25%?
This is what FICA stands for.
What is the Federal Insurance Contributions Act?
Anyone can use me, but there is a lot to fill out.
What is a 1040?
This is the act of refusing or avoiding paying your taxes.
What is Tax Evasion?
This deduction allows a property owner to claim some of the taxes paid on that property, and the owner itemizes deductions on the federal tax return.
What is a Property Tax Deduction?