Types of Taxes
Your Paycheck
Taxes in the USA
Fiscal Policy
Logistics
100

You have to pay this every time you purchase something.

Sales Tax

100

This plan is best suited for self-employed individuals and small businesses with no employees, reducing the business taxable income.

SEP IRA 


100

This is a child or a relative that you financially support.

Dependent

100

When you overpay your taxes, you are entitled to this.

Refund

100

At what age can a person no longer be claimed as a dependent if they are a full-time student?

24

100

These are taxes levied on both the employer and the employee to cover insurance taxes.

FICA Taxes 

100

Money deducted out of your paycheck for things like taxes, employer sponsored health insurance, and retirement.

Withholdings

100

This rule allows homeowners to rent out their home for up to 14 days per year without needing to report the rental income on their individual tax return.

The Augusta Rule, known to the IRS as Section 280A

100

Many companies in the United States must report information about who ultimately own or control the company.

BOI Beneficial Ownership Information 

100

This is your filing status if you are not married but have dependents in which you provide at least 50% of expenses for.

Head of Household

100

This is a tax on investor gains after they sell the asset. 

Capital Gains Tax

100

This form is completed and turned into your employer to help them determine what % of your gross pay will be withheld for income taxes.

W-4 Form

100

If the IRS suspects that your taxes are have been done incorrectly or you haven't paid your fair share, they will do this.

Audit

100

This Bureau supports law enforcement investigative efforts and fosters interagency and global cooperation against domestic and international financial crimes

FINCEN

Financial Crimes Enforcement Network

100

Money you get from grandma as a birthday gift is this kind of income.

Unearned income
100

Often referred to as the death tax, this is a payment when property is transferred after someone's death.

Estate Tax

100

This is the amount of money you end up with after withholding and taxes.

Net Pay

100

Savings account that lets you set aside money to pay for qualified medical expenses.

HSA Health Savings Account.

2024 single coverage $4,150, $8,300 family coverage of HDHP.

100

This agency collects taxes.

Internal Revenue Service (IRS)

100

This is a specific dollar amount that reduces the amount of income on which you're taxed.

Standard Deduction

100

All taxpayers, regardless of their work employment status, need to pay and declare it through their tax return.

Income Tax

100

Paying them salaries can reduce your business's taxable income, and their salaries are not be subject to federal withholding tax and no federal income tax.

Hiring your kids up to the amount of standard deduction

2024 is $14,600


100

if you own a home, have significant medical expenses, or make large charitable donations this option lower your taxable income

Itemized deductions.


100

These are the two primary payroll taxes United States citizens have withheld in their paycheck.

Medicare and Social Security

100

What will be the standard deduction minimum earned income requirement for income taxes in 2024?

$14,600

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