The Basics
A plastic Card that is linked to your checking and/ or savings account.
What is a debit card
The tax form issued by an employer to an employee
What is a W-2
The (2) government programs that are supported by payroll taxes
What is Social Security & Medicare
A list of the (4) basic types of taxes
What is Income, Sales, Property, and Payroll taxes
a sum of money demanded by a government for its support or for specific facilities or services, levied upon incomes, property, sales
What are taxes
A plastic card that allows you to borrow money continuously
What is a credit card
The tax form issued to independent contractors and freelancers
What is a 1099 form
This government program has the higher percentage of tax taken out of your paycheck.
What is Social Security
This type of tax is added to your purchases at stores
What is Sales Tax
The U.S. government agency responsible for collecting taxes from individuals and businesses (must say the entire name of the organization)
What is the Internal Revenue Service (IRS)
The person that automatically withholds federal and state taxes from an employee's earnings
What is the employer
The percentage (%) of tax that an employee pays towards Medicare
What is 1.45%
The type of tax paid by people based on the value of their home
What is Property Tax
The deadline date by which the employee must submit their tax forms
What is April 15th
A personalized financial statement of one's own income & expenses. Used to manage money usually on a weekly/monthly basis.
What is A Budget.
The worker(s) that is issued the 1099 form instead of the W-2 form to pay taxes
What is an independent contractor or freelancer
The percentage (%) of tax that an employee pays towards Social Secuity
What is 6.2%
This type of tax is deducted from your paycheck to pay federal and state taxes
What is Income tax
This benefit reduces taxable income.
(Examples: Student loan interest, work uniforms, charitable donations.)
What is Tax Deductions
A form of credit that a borrower asks from a lender. Typically, has interest accumulated over time until the borrower pays back the lender.
What is a Loan
This type of worker has their taxes deducted for them by their employer rather than having to calculate their own deductions.
What is an Employee
The percentage (%) of tax deducted from 1099 workers (independent contractors/Freelancers) to pay for social security and Medicare
What is 15.3%
The type of Tax that is deducted from your paycheck to support Medicare and Social Security.
What is Payroll Tax
This benefit directly reduces tax owed.
(Examples: Education tax credit, Earned Income Credit.)
What is Tax Credit.