Tax Forms
The document you fill out when starting a job, telling your employer how much to take out of your paycheck
What is the W-4?
April 15
When is tax owed due?
The total money earned from all sources before any deductions
What is gross income?
FICA, federal income and state income tax
What are the three layers on a paycheck?
Pay online, IRS free file, mail, or tax professional
What are ways to file a tax extension?
Shows your yearly wages, tips and amount of Social Security taxes withheld
What does the W-2 do?
The extended filing deadline
What is October 15?
The portion of your income actually subject to tax
What is taxable income?
Based on income and info on the W-4
What is federal income tax?
The last day to request an extension
What is April 15?
January 31 by employers
When must the W-2 be sent?
IRS starts accepting and processing tax returns
What happens in late January?
Withholding
What is money that your employer deducts from your paycheck called?
Vary depending on where you live and work
What do state and local income taxes do?
Natural disasters and life disruptions
What are some reasons to file a tax extension?
The federal tax deadline for Form 1040
What is April 15 (of the next year)?
January 15
When are fourth-quarter estimated payments due?
The specific range of income subject to a marginal tax rate
What is a tax bracket?
6.2
What % of FICA is Social Security worth?
Complex tax returns
When your filing goes beyond standard wage or basic deduction reporting
Non-employee or freelance contractor income
What do 1099-NECs report?
The typical due date for 2 important tax documents
What is January 31 (of the next year)?
Progressive Tax
What's it called when higher-income earners pay a higher % rate?
You still pay it if you owe no income tax
What's special about FICA tax?
It gives you more time to pay your taxes
What is NOT a reason to file an extension?