Tax Forms
What is the tax form used to tell the employer how much to withhold?
W4
What is the tax year?
Jan 1st-Dec 31st
What does FICA stand for?
The Federal Insurance Contributions Act
Is health insurance a Voluntary deduction?
Yes
What is the tax form your employer fills out for you?
W2
When is the tax filing due date?
April 15
What Is a tax year?
12 month year taxes use to track their income, calculate debt, and file tax returns.
Are Federal taxes and State taxes the same?
NO
When must your employer give you the form to fill out?
January 31st
When does the IRS open the filing season
Late january
Does a tax extension give you more time to pay?
No, it gives you more time to file.
Yes
True or Flase, W4 &W2 are the only forms you need to file taxes
False
When is the extended tax filing date?
October 15
What is taxable income
The portion of your total earnings the government uses to calculate how much tax you owe from your total earnings.
Do employees deduct these dues themselves?
No, the employer does before the employee gets their paycheck
What happens if you don't pay taxes?
You can get audited
4th quarter estimated income due
January 15th (of following year)
What is getting audited?
When the government investigates your spending and earnings.
What categories do FICA taxes go to?
Social security & Medicare
What is the longest extension you can file?
6 Months, October 15th