Forms
It reports your wage, salary, tips and
income taxes paid during the previous
year.
What is a W2?
When you buy an item at a store you also pay ___ ___
What is sales tax?
Your ____ ____ is the amount of
money you earn before payroll
deductions.
What is Gross Pay?
Libraries, police officers, and schools all fall under this category
What is Public Goods and Services?
YTD stands for
What is Year To Date?
Your employer uses _______ to determine
what amount of income tax they should deduct what amount of income tax they should deduct
(or “withhold”) from your paycheck(or “withhold”) from your paychec
What is a W4?
Taxes collected to fund federal
programs which provide medical benefits
What is Medicare Tax?
Your ____ _____ pay is the
amount you receive after deductions.
What is Net Pay?
This tax supports national programs
What is Federal Income Tax?
When you get a refund from submitting your taxes, your refund goes here
What is my bank account?
The form ___ is your tax return you file
What is a form 1040?
Taxes collected to fund federal
programs which provide retirement benefits
What are Social Security taxes?
Name 3 deductions that come out of your paycheck.
FICA
Social Security
Medicare
This tax supports state programs
What is State Income Taxes?
Tax day is on this day (when your taxes are due)
What is April 15th?
This numbered form indicates how much interest you received on your bank account
What is a 1099-INT?
True or False: All 50 States have an income tax.
What is FALSE?
This is the percentage taken out of your paycheck that goes towards deductions
What is 20%?
A 401k is an example of a ________ account.
What is a retirement account?
What is $519.60
This form tells you how much you made in one pay period
What is a paystub?
The formula to calculate deductions from a paycheck is...
Monthly Gross x .20=Deductions
Name 3 things you can read on your paycheck
Gross Pay
Net Pay
Deductions
Retirement
Pay Period
Hourly Wage
Address
This government institution is responsible for tax code, law, and looking over your tax returns
What is the IRS?
Calculate the monthly gross based on the hourly pay of $20.00/hr
What is $3,464?