Tax Forms
This form is used by employers to report your total annual earnings and the amount of taxes withheld during the year.
What is a W-2?
The standard deadline each year for filing federal individual tax returns and paying any taxes owed.
April 15th
The portion of your total income that is subject to federal income tax after deducting allowable adjustments and deductions.
Taxable Income
he total amount of money you earn before any taxes or deductions are taken out of your paycheck.
gross pay
Filing a tax extension gives you extra time to submit your paperwork, but it does NOT give you extra time to do this.
pay taxes owed
You complete this form when starting a new job to tell your employer how much tax to withhold from your paycheck.
Answer: What is a W-4?
The deadline by which employers must mail or make available W-2 forms to
January 31st?
A fixed dollar amount that reduces the amount of income on which you are taxed, available to all taxpayers who do not itemize.
the Standard Deduction?
The amount of money you actually take home in your paycheck after all deductions are removed.
Net Pay or Take-Home Pay
The official request form submitted to the IRS to receive an automatic 6-month filing extension.
Form 4868
The standard federal individual income tax return form that taxpayers use to file their annual income taxes.
Answer: What is Form 1040?
If you file for an official tax extension, this is the extended deadline to submit your tax return.
october 15
A dollar-for-dollar reduction of the actual amount of tax you owe (e.g., Child Tax Credit).
tax credit
The federal payroll tax law that funds Social Security and Medicare programs.
The federal payroll tax law that funds Social Security and Medicare programs.
: Money received from sources that are not subject to federal income tax, such as gifts under certain thresholds or municipal bond interest.
Tax-Exempt Income
This tax form reports independent contractor earnings and self-employment income over $600.
What is a 1099-NEC (or 1099-MISC)?
The start date of the official tax filing season when the IRS begins accepting and processing income tax returns.
late January (typically between Jan 20–29)?
: A system where taxpayers with higher taxable incomes pay a higher percentage rate of tax.
Progressive Tax System (or Tax Brackets)?
This mandatory deduction from wages finances retirement benefits for older Americans and individuals with disabilities.
Social Security Tax
An official examination by the IRS to verify the accuracy of a taxpayer's return and supporting documentation.
Audit
bank institutions send this form to report interest income earned on savings accounts or certificates of deposit.
What is a 1099-INT?
The standard deadline for self-employed individuals to pay their fourth-quarter estimated tax payment for the previous calendar year.
january 15
The highest tax rate applied to your last dollar of earned income.
What is the Marginal Tax Rate?
Deductions made from an employee's gross pay before taxes are calculated, such as 401 kcontributions or health insurance premiums.
Pre-Tax Deductions
A tax credit that can result in a refund check even if it reduces your total tax liability below zero
Refundable Tax Credit