You have to file which federal tax form in order to pay your taxes to the IRS?
What is FORM 1040EZ
100
A fee charged "levied" by a government on a product, income or activity.
HINT: A 3 letter word: __ ___ ___
What is Tax
100
When you mail or transmit to an IRS service center the taxpayer's information, about income and tax liability,you are considered to be doing what? Hint: starts with an F
What is Filing a tax return.
100
What does IRS stand for?
What is Internal Revenue Service
The U.S. governmental agency responsible for collecting federal income taxes.
100
Is an amount of money returned to earners from the goverment if they have overpaid their taxes during the year. You want this! What is it called?
Hint: Starts with an R
What is a REFUND.
200
Congratulations you just got hired at Burger King! Your boss says, "You need to fill out this federal tax form BEFORE you begin your new job." What is this form called?
What is Form W-4 (Employee's Withholding Allowance Certificate)
200
Employers must withhold Social Security and Medicare taxes. This tax actually consists of two taxes: a 6.2% Social Security Tax and a 1.45 percent Medicare tax.
What is the 4 letter name for this tax? _ _ _ _
What is the Federal Insurance Contributions Act (FICA) tax.
200
The total amount of income from wages, BEFORE any payroll deductions is called what kind of INCOME?
Also: Hourly wage per hour x amount of hours worked = ?
Hint: starts with a G
What is Gross Income
200
What does FICA stand for?
What is Federal Insurance Contributions Act
Employers must withhold Social Security and Medicare taxes--these are known as FICA (Federal Insurance Contributions Act) taxes.
The FICA tax actually consists of two taxes: a 6.2 percent Social Security tax and a 1.45 percent Medicare tax.
200
A fixed amount of money that an employee is paid each year for doing his or her job.
Hint: Starts with an S
What is your SALARY
300
Your employer mails you this federal tax form at the end of January. It describes how much money you made for the previous tax year, and how much money was withheld for the previous tax year.
What is W-2 Wage and Tax Statement
300
A tax that governments impose on the money YOU EARN.
It is the key source of funds that the government uses to fund its activities and serve the public.
What is an Income Tax
300
Line 4 on your 1040 EZ tax form.
Wages, salaries, tips, taxable interest, and unemployment compensation.
(Add up lines 1-3 on your 1040 EZ tax form.)
What is Adjusted Gross Income (AGI)
300
What does EITC stand for?
What is Earned Income Tax Credit
The earned income credit (EIC) is a tax credit for certain people who work and have earned income under $51,567.
A tax credit usually means more money in your pocket. It reduces the amount of tax you owe.
300
A sum deducted from the total amount a taxpayer owes to the state. e.g. Certain energy appliances, child and dependent care, adoption, disabled child, etc...
A DIRECT reduction in tax liability (not dependent on the taxpayer's tax bracket).
Hint: Every tax payer wants this.
What is tax credit.
400
What is the term for "electronic filing" or sending your income tax return from tax software via the Internet to the IRS.
What is IRS E-filing
400
This tax is levied on both employers and employees used to fund the Social Security program. It is usually collected in the form of payroll tax. It pays for the retirement and disability benefits received by millions of Americans each year.
What is Social Security Tax.
400
A person who relies on another person for financial support.
Hint: D
A dependent
400
What does SSN mean?
What is your Social Security Number
400
A classification for individual taxpayers reflecting marital and family situation and determining the tax rate schedule for the computation of tax liability.
e.g.) Single or Joint, etc..
e.g.) Starts with an F
What is Filing Status
500
What "filing status" used by people who are unmarried on the last day of the year?
What is Single Filing Status
500
Any tax in which the rate increases as the amount subject to taxation increases. The U.S. personal income tax is considered this type of tax.
Hint: Starts with a P
What is a Progressive Tax
500
A portion of an employee's wages or salary used as a partial payment of the employee's income tax. Income tax must be paid throughout the year as income is earned.
HINT: W _ _ _ _ _ _ _ _ _ _
What is Withholding!
500
What is your TIN?
What is your Taxpayer Identification Number
500
The amount of tax owed if you didn't have enough withholding taken out of your paycheck each pay period?
This is called your tax L _ _ _ _ _ _ _ _.