This is the form you fill out so that your employer can withhold the correct federal income tax from your pay.
What is Form W-4
100
This is subtracted directly from the amount of tax owed.
What is Tax Credit.
100
A fixed percentage or amount of profit given to an employee in exchange for making a sale.
What is Commission.
100
Employers who work fewer than 35 hours per week.
What is a Part-Time Employee.
100
The amount of money you earn before taxes are withheld.
What is Gross Income or Gross Pay.
200
This is the Illinois state individual income tax return form.
When must this form be completed by?
What is IL-1040 and April 15
200
If you use your income for certain purposes you do not have that part of your income taxed.
Examples- charitable contributions, interest on a home loan
What is a Deduction
200
Money given to an employee by customers in exchange for services.
What is Tips.
200
Employees who hold jobs and work at least 35+ hours per week.
What is a Full-Time Employee.
200
The amount of money you receive after taxes are withheld from your gross pay.
What is Net Income or Net Pay.
300
What form has a summary of your earnings and withholdings for the year?
When must this form be mailed by?
What is Form W-2 and January 31
300
A person who is financially supported by a taxpayers income.
What is a Dependent.
300
Earnings that are paid by the hour, day, or item.
What is Wages.
300
Employees hired on a short term basis or to help with additional work.
What is a Temporary Employee
300
Expenses that are not absolutely necessary.
What is Discretionary Expenses
400
This is the simplest form to use when filing for federal tax returns.
When must this form be completed by?
What is 1040 EZ and April 15
400
The total income from all sources minus exemptions and deductions.
What is Taxable Income.
400
A type of pay which is often expressed as an annual amount and typically occurs in regular intervals.
What is Salary.
400
Employees hired for a specific period of time to complete a particular project.
What is a Contract Employee.
400
Payments that increase or decrease from month to month.
What is Variable Expenses.
500
This form is mailed from your Bank or Saving Institution and is a statement with your interest (unearned income).
When must this form be mailed by?
What is 1099-INT and January 31
500
Having your pay electronically transferred directly into your back account.
What is Direct Deposit.
500
Insurance, Retirement, Paid Holidays, and Paid Vacation are all examples of what?
What is Benefits.
500
This organization protects all workers so they are paid fairly.
What is the Fair Labor Standards Act.
500
Regular payments that don't vary or change from month to month.