Forms
This is a form an employer must send to an employee and the IRS at the end of the end of the year. It reports an employee's annual wages and the amount of taxes withheld from his or her paycheck.
What is Form W-2
What is the federal agency that collects income taxes in the United States
What is the IRS (Internal Revenue Service)
what is the amount an employee earns before taxes are subtracted
what is the taxes on income, both earned and unearned. they can also be levied on both individuals and businesses
What is income taxes
What is the form used by taxpayers to file their annual income tax return with the federal government
What is Form 1040
What is money subtracted from an employee's paycheck and paid to the government on their behalf by an employer
What is withholding
what is the amount the employee receives after deductions ( also called take home pay)
What is Net pay
what is taxes on income, both earned and unearned by the federal government
Federal Income Taxes
What is the form missed by payers of non-employee compensation to independent contractors at the end of the year?
What is Form 1099-NEC
what is interest
What is income that includes interest and dividend income
What is unearned income
what is used to provide medical benefits for certain people when they reach age 65
what is Medicare tax
what is completed by the employee and used by the employer to determine the amount of income tax to withhold from the employee's paycheck.
what reduces the income subject to tax and varies depending on filing status, age, blindness, and dependency
What is Standard Deduction
What is a unique eight number issued by the federal government and used to identify an individual for tax and other purposes
what is social security number
what is a tax that provides benefits for retired workers and their dependents as well as for the disabled and their dependents, also known as Federal Insurance Contributions Act (FIFA).
what is Social Security tax