Tax Forms
What is the form filled out when you begin a new job that tells your employer how much federal income tax to withhold from your paycheck?
W-4
What day is the official beginning of the standard individual tax year?
January 1st
What is "money that you overpaid to the government throughout the year that is returned back to you after you file your taxes"?
Tax refund
This federal acronym is for payroll taxes that are automatically deducted to fund Social Security and Medicare.
FICA
What is it called when you can't afford to pay your taxes on April 15th?
Late filing penalty
What form are employers required to send their employees by January 31st that summarizes their annual earnings and tax withholdings?
W-2
What is the deadline to file your tax tax return, to pay any tax owed, or apply for an extension?
April 15th
What is "a tax structure where the higher slices of income are taxed at higher % rates?"
Progressive tax system
What is the payroll % that is deducted from an employees gross pay for JUST Social Security?
6.2%
Minors (under 18) having to pay these taxes on their wages even if their income is too low to owe income tax.
Social Security and Medicare (or FICA)
What form do clients send to freelancers and independent contractors by January 31st that reports non employee compensation?
1099-NEC
What is the total amount of time taxpayers have after the original due date to claim a tax refund?
3 years
What is "the system where employers can deduct estimated income tax out of your paycheck every pay period?"
Tax withholding
What is the payroll % that is deducted from an employee's gross pay for Medicare?
1.45%
True or False (and Why?): Filing a tax extension gives you extra time to pay any tax you owe to the IRS.
False - An extension gives you extra time to continue filing paperwork, NOT extra time to pay.
What form do banks send to account holders by January 31st to report taxable interest earned on savings accounts?
1099-INT
If you request an extension, what is your final day to file your tax return?
October 15th
What is "the left over amount you pay to the IRS when tax withheld from your earnings is less than your total tax liability?"
Balance due
What is the TOTAL combined % rate of employee payroll deductions?
7.65%
What are freelancers and gig workers expected to make throughout the year when they don't have taxes withheld from payments?
Quarterly estimated tax payments.