Tax Forms
what tax form does an employer give an employee to report their yearly wages and taxes withheld?
what is a W-2?
this is the usual deadline for filing your federal income tax tax return.
What is April 15?
money earned from a job business or other source
what is income?
The money and employee takes home after paycheck deductions
What is net pay?
This gives a taxpayer more time to submit their federal tax return
What is a tax filing extension?
what form does a new employee fill out to tell their employer how much federal income tax to withhold from their paycheck?
What is form W-4?
when filing taxes in 2027 most people report income earned during this year.
What is 2026?
The total amount earned before taxes and other paycheck deductions
What is gross pay?
Federal income tax, Social Security, and Medicare taxes are examples of these
What are payroll tax withholdings?
this form can be used to correct certain mistakes on a previously filed federal individual tax return
What is form 1040 – X?
what is the main purpose of IRS form 1040?
To file an individuals federal income tax return.
if the federal filing deadline falls on a weekend or qualifying holiday it generally moves to this
What is the next business day?
income that remains subject to tax after applicable deductions
What is taxable income?
these two federal payroll taxes help fund retirement benefits and healthcare for eligible older adults
What are Social Security and Medicare taxes?
if you cannot afford to pay your full federal tax bill at once, you may request this arrangement from the IRS
What is an installment payment plan?
what floor might an independent contractor received to report payments from a business?
What is form 1099 – NEC?
this is the usual extended federal filing deadline for individual taxpayers who receive an extension
What is October 15
Unlike a tax deduction this directly reduces the amount of tax someone owes
What is tax credit?
if your gross pay is $800 and your total deductions are $160 this is your net pay
What is $640?
A teenager has a part-time job. Whether they get a tax refund depends partly on how much tax they owed compared to how much they paid.
What is their tax liability compared with their payments and withholding?
what is the difference between a W-2 and a W-4?
A W-2 reports an annual wages and taxes withheld and a W-4 tells an employer how to calculate federal income income tax withholding.
even if you receive a filing extension this is generally when you must pay the federal taxes you owe.
What is the original April tax deadline?
A tax system in which higher portions of income or tax at higher rates of income increases
What is a progressive tax system?
these paycheck deductions may pay for employer sponsored health insurance or retirement savings
What are employee benefit deductions?
A taxpayer gets an extension to file but does not pay the tax they owe by the original deadline. These may still be charged on the paid amount
What are penalties and interest?