Tax Forms and Terms
Form 1040
A form that U.S. taxpayers use to file their annual income tax return.
Personal Income Tax
Both
What's a Job?
An activity through which an individual can earn money.
What are Taxes?
Payments people are required to pay to local, state and national governments.
Form W-2
A form the employer fills out each tax year to record how much an employee was paid and how much tax was withheld.
Business Income Tax
Both
What's a Career?
Lifetime journey of building and applying skills, knowledge, and experiences in paid employment positions.
What's Regressive tax?
Tax that takes a higher percentage of income from the poor than from the rich.
Form W-4
A form the employee fills out upon hiring to let an employer know how much to withhold from their paychecks for taxes.
Gift Tax
Federal
What's a Resume?
A formal that a job applicant creates to itemize education, qualifications, and experience for a position.
What does FASFA stand for?
Free Application for Federal Student Aid.
Form I-9
A form to verify the identity and employment authorization of individuals hired for employment in the United States.
Excise Tax
State
What's Networking?
Interacting with others to develop business or professional relationships.
What are Tax Brackets?
Divisions at which tax rates change in a progressive tax system.
What Is Proportional tax? (fixed tax)
Tax that takes the same percentage of income from wealthy and poor taxpayers.
Estate Tax or Death Tax
Federal
What's Human Capital?
The skills, knowledge, and experiences possessed by an individual.
What's Progressive Tax?
Tax that takes a larger percentage of income from the wealthy than the poor taxpayers.