Types of taxes
Sales Tax
Which tax form provides the information your employer needs to determine the proper amount to withhold from your paycheck?
What is W-4?
Four _________ insurance programs the Affordable Care Act (ACA) marketplace ________ insurance subsidies — together account for 25 percent of the budget in 2022, or $1.4 trillion.
Health insurance
A traditional 401(k) and other traditional retirement accounts deduct your contributions before taxes are figured.
Pre-tax
What is the difference between earned and unearned income?
What is: Earned, you perform a job and get paid for it whereas unearned is income received through other sources, (investments, gifts, benefits, etc.).
A tax in which the tax rate increases as the taxable amount increases
Progressive Tax
What is the basic tax form used to file federal income taxes?
What is form1040?
In 2022, 21 percent of the budget, or $1.2 trillion, will be paid for _______ __________, which will provide monthly retirement benefits averaging $1,538 to 49 million retired workers.
Social Security
Some accounts, such as Roth accounts, that don’t offer a tax benefit on the front end. However, you won’t have to pay taxes on the money when you withdraw it later.
After-tax
What are two pros of working after high school as opposed to attending college?
No student loans, make money right away, gaining work experience.
A tax imposed in such a manner that the tax rate decreases as the amount subject to taxation increases.
Regressive Tax
I am received in January, There is one of me for every job I work, You can tell how much you earned and how much you paid in taxes by reading me.
What is a W-2 Form?
About 11 percent (or $665 billion) of the federal budget in 2022 supports programs that provide aid (other than health insurance or Social Security benefits) to individuals and families facing hardship. ________ security programs
Economic security programs
including Flexible ________ Accounts (FSA) for healthcare costs. Additionally, there are some accounts that allow for ________ on dependent care costs.
Spending accounts
The three spending categories of the Federal Government are...?
Mandatory, discretionary, interest on debt.
Taxpayers at all income levels would pay the same “proportion” in taxes.
Proportional Tax
Tax form is used to report non-employment income to the Internal Revenue Service (IRS).
What is 1099 Tax form?
Another 13 percent of the budget, or $768 billion, will be paid for national ________ activities.
Defense
such as the ability to pay for parking and public transit. These benefits are often pre-tax.
Commuter benefits
List at least two requirements for being considered a dependent.
- having a disability- not being able to provide for more than half of your financial support- Qualifying child under 19 yrs of age- being enrolled in school full-time and at least 24 yrs. of age.
Tax is big in Europe but the U.S. has yet to adopt it. It’s a tax on the “added value” of a product, the difference between the sales price and the cost of producing a good or service.
VAT or Ad Valorem Tax
What is form I-9
In 2022, about 7 percent of the budget provides benefits to ________ and former ______ employees of the federal government, both civilian and military, totaling $420 billion.
Benefits for veterans and federal retirees
Including disability and life _________ premiums. Some employers offer you the ability to purchase amounts of life and disability_________.
Insurance
Deadline for employers to mail W-2s to their employees (either by paper or electronically)
What is January 31st.