Tax Forms
What is the form you fill out when you start a new job that tells your employer how much federal income tax to withhold from your paycheck?
Form W-4
Known as "Tax Day" what is the general deadline each year for individuals to file their federal tax returns?
April 15th
What do you call the total amount of money you earn before any taxes or deductions are taken out
Gross pay or Gross income
What does the acronym FICA stand for on a pay stub
Federal insurance Contributions Act
True or False: Filling a tax extension gives you extra time to pay any taxes you owe to the IRS.
False
What is the annual summary form provided by your employer that shows your total wages earned and taxes withheld for the past year?
Form W-2
By what date are employers required to send employees their W-2 forms for the previous tax year?
January 31st
Net Pay
Which two federal programs are founded by FICA taxes deducted from your paycheck?
Social Security and Medicare
if you are claimed as a dependent on your parents taxes can you still be required to file your own tax return if you earn over a certain income threshold
Yes
What is the standard individual federal income tax return form that U.S taxpayers use to file their annual tax return?
Form 1040
If you file an extension what is the final deadline to submit your completed tax return
October 15th
What is the money refunded to a taxpaper when they have paid more in taxes throughout the year than their actual tax liability
Tax Refund
What is the name for deductions like health insurance premiums or 401(k).
Pre tax deductions
What happens if you owe taxes on April 15th and do not pay or file an extension on time?
You face IRS penalties and Intrest on the unpaid amount.
Which tax return is received by independent contractors, gig workers, and freelancers instead of a W-2 to report income?
Form 1099
Tax day is also the last day to make contributions to which type of individual retirement account for the previous tax year?
Individual Retirement Account
What is a fixed dollar amount that reduces your taxable income, which every taxpayer is entitled to claim without itemizing
Standard Deduction
What is the percentage rate withheld from an employees gross pay for social security tax
6.2%
What payments are independents contractors expected to make to the IRS throughout the year since taxes aren't withheld automatically?
Estimated Quarterly Tax Payments
Which IRS form must an individual file by Tax day to request an automatic 6 month extension to file their tax return
Form 4868
If Tax Day falls on a weekend or an official holiday when does the tax deadline move to
The next business day
What type of tax system does the U.S use where people with higher taxable incomes pay a higher tax rate
Progressive Tax System
What is a court ordered payroll deduction used to pay off debts, child support, or back taxes directly from an employees paycheck called
Wage Garnishment
What official review process occurs when the IRS decides to examine a taxpayers return and financial records to verify accuracy?
Tax Audit