Tax Forms
The form your employer sends in January to report your annual earned wages
What is W-2?
The tax year begins
What is January 1st?
The total money you make before any deductions/taxes are taken out
What is gross income?
What is federal income tax?
If you file an extension, you don't have to pay your taxes by April 15th
What is false? (An extension only gives you more time to file your taxes, you still have to pay your taxes by April 15th)
The form you use to tell your employer how much to withhold from your paycheck (also must be filled out every time you get a new job)
What is W-4?
Deadline to file your taxes (tax day)
What is April 15th?
A mandatory federal tax deducted from your income to fund Social Security and Medicare/Medicaid
What is FICA?
The amount of money you take home after all deductions are taken out of your paycheck
What is net pay?
How freelancers/self-employed people pay their taxes
What is quarterly? (Freelancers can use the second, third, and fourth quarter deadlines to pay their taxes instead of paying all at once on April 15th)
What is Form 1040?
The extended filing deadline for people who requested an extension
What is withholding?
The taxes used for schools, roads, police departments, and local officials in your area
Maria is 9 years old and lives with her parents all year round, can her parents claim her as a dependent?
What is yes? (Maria is a child and fully reliant on her parent's financial support)
Used to file an annual tax return
What is From 1040?
Last chance to claim a refund for a return that was never filed
What is 3 years from the original due date?
The range of taxable income that the government taxes at a specific percentage
What is tax bracket?
The tax taken out of your paycheck no matter how much you make
What is FICA?
James is 21 and a full time graduate student. He lives in the dorms for most of the year but his mom pays his rent and tuition. Can his mom claim him as a dependent?
What is yes? (The key words are 'full time student'. If someone is under the age of 24 and a full time student, the parent can claim them)
Used to report unearned income to the IRS, such as investments
What is Form 1099?
The second quarter estimated tax payment deadline
What is June 15th?
A qualifying child/relative that relies on you for financial support who you can claim on your taxes
What is a dependent?
Money for health insurance or retirement funds is always deducted from your paycheck
What is false? (These are voluntary deductions, they depend on the person)