Tax Forms
What form reports your total annual earnings and the exact amount of taxes withheld from your paychecks?
The W-2 from
What is the most important date for tax payers?
April 15
What is the word that refers to the total amount of money you earned BEFORE any taxes or deductions are taken out?
Gross pay
What does FICA stands for?
Federal Insurance Contributions Act
Is it true that requesting a tax extension gives you extra time to fill, and pay the taxes?
NO!!!!!!!
What form tells your employee how much federal income tax to withhold from your paycheck?
The W-4 form
When does the tax year starts and ends?
Starts January 1, and ends December 31
What is the word that refers the amount of money you earned AFTER all taxes and deductions are taken out?
Net pay
Which two government programs are funded by FICA taxes deducted from your paycheck?
Social security and medicare
What federal tax form do you must submit to request an extension to file your return?
The 4868 form
What is the main federal tax form that people use to file their annual income tax return with the IRS?
The 1040 form
What is the deadline for people who requested an extension on April 15?
October 15
What standard amount or expense can people subtract form their taxable income before calculating taxes?
Tax deduction
What percentage of gross income is deducted from an employee's paycheck for SOCIAL SECURITY tax?
6.2%
What agency of the U.S. federal government is responsible for collecting taxes and enforcing tax laws?
IRS (International Revenue Service)
Which tax form is used by independent non employees (like freelancers) to report earnings over $600?
The 1099 form
When is the third quarter estimated tax payment due?
September 15
What is the term for dollar-for-dollar reduction in the actual amount of tax you owe?
Tax credit
What percentage of gross income is deducted from an employee's paycheck for MEDICARE?
1.45%
What happens if you overpay you taxes throughout the year through paystub withholdings?
You receive a tax refund from the IRS
Which form do you use to correct a mistake on a tax return you already filed?
The 1040-X form
How much time needs to pass, so you won't be able to claim a refund for a return that was never filed?
More than 3 years
What is the tax structure where taxpayers with higher income pay a higher percentage rate in taxes?
Progressive tax system
Is health insurance premium payroll deduction considered a voluntary or a mandatory deduction?
Voluntary deduction
What is the official term for an official audit or review of an individual's or organization's accounts and financial information by the IRS?
Tax audit