Vocabulary
The amount of money a person must pay to the government to benefit from government services
What is tax?
A form of payment to employees for their work
What is a paycheck?
Brian's gross pay if he works 45 hours this week. His hourly pay is $8.25, and if he works more than 40 hours a week he makes overtime pay of $10.50.
What is $382.50?
The Johnson's combined income if Elizabeth Johnson made $45,600 in wages, tips, and other compensation and Gary Johnson made $62,581.
What is $108,181?
The amount of times per year a person has to file taxes
What is once?
The total pay, which is the sum of an employee's hourly pay and overtime pay
The taxes collected based on the amount of taxable income you earn
What is income taxes?
Brittney's net pay if her gross pay is $540.87 and she has $68.51 in deductions.
What is $472.36?
The number of exemptions the Goldman's can claim if they are married with two children
What is four?
What is $1,222?
A wage and tax statement given to employees to compute federal, state, and local income taxes.
What is a Form W-2?
A person reported on a taxpayer's income tax form that a taxpayer supports financially
What is a dependent?
The filing status of married people who fill out one tax return together
What is married filing jointly?
One of the shortened tax forms someone can use instead of form 1040 if they meet certain requirements.
What is form 1040EZ or 1040A?
The form you would fill out if you had other forms of income and deductions such as educator expenses, moving expenses, and charity donations.
What is form 1040?
A tax form used by people that have other types of income such as royalties, alimony, or prizes; also called the long form
What is Form 1040?
Information included on tax forms that lowers taxes; includes dependents as well as the taxpayer
What are exemptions?
How much Samantha pays in medicare tax if her gross pay is $271.23 and medicare tax is 1.45%.
What is $3.93?
A form used to report interest income and income from dividends on a form 1040.
What is Schedule B?
The name of the United States tax collection government agency (hint: 3 letter acronym)
What is the IRS?
When a taxpayer uses a tax rule to lower the amount of tax due
What is tax avoidance?
When a taxpayer lies about information on a tax return form in an attempt to avoid paying taxes
What is tax evasion?
Maria's gross pay if she has $3680.99 in Social Security tax withheld. (Hint: Social Security tax is 6.2% of her gross pay)
What is $59,370.81?
The filing status of someone who's husband or wife has passed away
The amount Ron makes weekly if he makes $56,000 a year.
What is $1076.92?