Terms I
Forms For FUN
Terms III
Terms IV
Should they file?
100
Gross income reduced by certain adjustments, such as contributions to an individual retirement account and alimony
What is adjusted gross income or AGI?
100

This form is what you fill out when you are hired. You return it to the business you work for. 

What is a W-4?

100
Income resulting from business activities in which you do not actively participate.
What is passive income?
100
The net amount of income, after allowable deductions, on which income tax is computed.
What is taxable income?
100

Bill makes $14,100 but lives with his parents

What is "file"?

200
Profits from the sale of a capital asset such as stocks, bonds, or real estate.
What is a capital gains?
200

A form that is given to you before January 31st from your employer and used to fill out the 1040.

What is the W-2

200
A set amount on which no taxes are paid. (You are allowed to make this before you get taxed.)
What is a standard deduction?
200
Income that is not subject to tax.
What is tax exempt income?
200

Marge is 25 and makes $9,000

no

300

The amount of money being taken out of your paycheck

What is a witholding?

300

I am received when you start a job. You use me to prove that you are eligible to work in the US.

What is an I-9?

300
Income that will be taxed at a later date.
What is tax deferred income?
300

FICA consists of

What is social security and Medicare?

300

Jill makes $25,000

What is file?

400

You start paying this when you make more than the minimum income requirement

What is taxes?

400

This form is due to the IRS on or before April 15th. 

What is the 1040?

400
An amount subtracted directly from the amount of taxes owed.
What is tax credit?
400
An amount subtracted from adjusted gross income to arrive at taxable income.
What is a tax deduction?
400

Bill is single and 50 and makes $33,000 as a self employed carpenter

What is file

500
A deduction from adjusted gross income for yourself, your spouse, and qualified dependents.
What is an exemption?
500

If you are not employed by a company but earn wages from them, you might have to fill out this form. 

What is the 1099?

500

A detailed examination of your tax return by the IRS.

What is a tax audit?

500

When you complete your 1040 form, if you overpaid your taxes and the government owes you money, that is called a

What is a refund?

500

Susan works at DQ and makes $5,500 per year

What is no?

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