Tax
Tax Credits
What is a sum of money that can be used to reduce a tax liability?
Inflation?
What is the rate of increase in prices over a given period of time?
I-9
What is the form used by an employer to verify an employee's identity and to establish that the worker is eligible to accept employment in the United States?
The Month of Tax Day
April
Tax Deduction
What is an amount that can be subtracted from a person's tax liability that lowers their taxable income?
Dependent?
What is someone you financially support who can be "claimed" on a tax return to reduce your taxable income and lower your taxes?
W-2
What is a form that an employer must send to an employee and the IRS at the end of the year to report the employee's annual wages and taxes withheld from their paycheck?
IRS stands for
What is Internal Revenue Service?
Gift Tax
What is a type of transfer tax that is imposed when someone gives something of value to someone else?
Exemption?
What is the set amount of money, per dependent, you can subtract from your taxable income?
W-4
What is a form completed by an employee to indicate his or her tax situation (exemptions, marital status, etc.) to the employer, who then withholds the corresponding amount of taxes from each paycheck?
W-2 Due Date
Must be given to each employee by January 31 of the next year.
Property Tax
What is a tax on the market value of a privately owned property, including land, cars, business inventory, etc.
Probate?
What is the legal process for reviewing the assets of a deceased person and determining inheritors?
Form 1040
What is used by U.S. taxpayers to file an annual income tax return?
Federal Reserve
monitors financial system risks and engages at home and abroad to help ensure the system supports a healthy economy for U.S. households, communities, and businesses.
Estate Tax
What is a tax on your right to transfer property at death?
Capital Gains?
What is an increase in the value of an asset or investment resulting from the price appreciation of the asset or investment?
Form 941
What is employer's quarterly federal tax return, shows federal income tax, social security tax, and Medicare tax owed to the government?
States that don't have income tax
What is Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming?