Vocabulary
Employee's total earnings before taxes, withholdings, and deductions
What is gross pay?
The typical annual deadline to file federal personal income taxes.
What is April 15th
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What dollar amount is in Box 1 of Jasmine's W-2?
53325
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How much did Jasmine pay in state income tax?
$2732.53
The amount remaining after all taxes and payroll deductions are subtracted
What is net income?
A tax levied by the U. S. Government on the annual earnings of individual and entities.
What is federal income tax?
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How much tax was Jasmine required to pay on her income?
$5,773
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What are the first 5 digits of Jasmine's bank account number?
32342
To submit a formal document to the IRS reporting your income, expenses, and tax liability for the year.
What is Filing a Tax Return?
Is the money people save through a bank or investment plan and creates a backup plan for life's uncertainties
What is savings?
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How much did Jasmine overpay in taxes?
$770.02
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How much is Jasmine's Standard Deduction?
$14,600
Single deduction based on a fixed amount
What is standard deduction?
An amount subtracted from your gross income that reduces the total income subject to taxation.
What is a tax deduction?
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How much money in federal taxes was withheld from Jasmine's The Price is Pretty Close earnings?
$0.00
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How much money did Jasmine win at The Price is Pretty Close?
$10,000
Different tax rates on different portions of your income as it passes through various thresholds.
What is a marginal tax rate?
What is a tax credit?
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Did Jasmine hold digital assets during this tax year?
No
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Did Jasmine file as single?
Yes
Besides federal income tax, which two federal taxes are commonly withheld from paychecks? Choose 2.
Sales Tax, Property Tax, Estate Tax, Gift Tax, Social Security Tax, Excise Tax, Import Tax, Medicare Tax
Social Security Tax & Medicare Tax
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How much did Jasmine save for retirement?
(W-2 Box 12)
$1200
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How much were Jasmine's state wages?
$54,525