Tax Forms
The form that I fill to tell my employer how much to withhold.
What is a W-4?
The tax year.
What is January 1 to December 31?
Money the government returns to a taxpayer when total tax payments exceed the actual tax owed.
What is tax refund?
Amounts withheld from an employee's gross pay to cover taxes, benefit programs, or court-ordered obligations
What is payroll deductions?
Will an extension help if you need more time to gather documents?
Yes, it will help.
The Form that says the amount an employer withheld from the employee.
What is W-2?
The filing deadline. Tax owed is due. Last day to request an extension. First-quarter estimated payment due.
What is April 15?
An automatic 6-month extension to submit your tax return, pushing the deadline to October 15.
What is extension?
The three layers on a paycheck.
What is federal income tax, payroll tax, and state (sometimes local) tax?
Will an extension help if you can not afford to pay the tax due?
The form you fill when you start a new job or need to change your tax withholdings.
What is W-4?
Extended filing deadline for people who requested an extension by April 15.
What is October 15?
Employers withhold tax from each check and send it to the government.
What is withholding?
The mandatory federal payroll tax.
What is FICA?
If you fail to pay or file your federal taxes in the United States the IRS...
Charges a combination of penalties and interest in the unpaid balance.
This standard form is the final U.S. individual income tax return used to combine your income, deductions, and credits to calculate your refund or amount owed.
What is 1040?
The IRS begins accepting and processing tax returns (the "filing season" opens).
Late January.
The cost of borrowing money or the reward for saving and investing. (In percentage)
What is interest?
The 2 types of taxes and their percentages FICA includes.
Social Security Tax - 6.2%
Medicare Tax - 7.65%
If you cannot afford to pay what you owe right away what should you do?
File an extension and pay as much as you can.
The IRS form used to report non-employment income to both the taxpayer and the government.
What is 1099?
The second-quarter estimated tax payment.
What is June 15?
The more money you make the higher the percentage tax you pay.
What is progressive?
What does FICA stand for?
What is Federal Insurance Contributions Act?
Is there an IRS penalty if you expect a tax refund but are not ready to file your return on time?
There is no IRS penalty for filing late as long as the government owes you money.