Filing Taxes Vocab
Deadline for filing your tax return for the previous calendar year.
What is April 15?
Any income (wages/salary) that is generated by the work someone performs.
What is Earned Income?
A tax on goods and services that goes to a state or local government.
What is a sales tax?
Tax on a person's income.
What is income tax?
The main form most people use to list income, expenses, and take the standard deductions; shows you tax liability as well as how much you still owe or how much you'll get back.
Employers are required to provide the necessary tax documents to employees by what day.
What is January 31?
Money earned on a regular basis with little or no effort required to maintain it.
What is Passive Income?
IRS stands for...
What is Internal Revenue Service?
Tax is based on how much money/possessions you have.
What is Wealth tax?
What is form 1099-MISC?
As a high schooler, what is the minimum amount of money you need to be making in order for you to HAVE to pay taxes.
$12,200
Spending more than you earn; an economic policy in which the government spends public funds raised by borrowing rather than by taxation
What is Deficit Spending?
The smallest amount that employers can legally pay their employees per hour of work.
What is Minimum Wage?
A State tax on an asset an individual received from someone who has passed away.
What is inheritance tax?
Year-end report listing employer information, how much you were paid, and how much was withheld in taxes and other deductions.
What is W-2?
The tax rate percentages for which a person has to pay for their income range.
What is 10-37%?
An official IRS inspection of a tax return to make sure the income and deductions are accurate.
What is an audit?
When a person is self employed, what percent of their budget should the set aside for taxes?
25-30%
A tax on any asset that exceeds the yearly amount you can transfer to another person without compensation of equal value
What is Gift Tax?
What is W-4?
Name of the penalty you get when you file your taxes but don't pay them.
What is Failure-to-pay penalty?
A list of all eligible expenses that can be claimed to decrease taxable income.
What are Itemized Deductions?
Income from an investment sold at a higher price than you paid for it
What is Portfolio Income?
A tax that is imposed on a property owner's right to transfer the property to others after their death.
Tax Schedule form to itemize deductions like property tax, medical expenses, and chartible contributions.
What is Schedule A?