forms
what is a W-4
A form so your employer can withhold the correct federal income tax from your pay
What is a gift tax?
A tax on the transfer of property by one individual to another while receiving nothing in return.
What is a Federal income tax
Taxes imposed by the federal government that are determined by applying a tax rate. Can increase as income increases.
What does audit mean?
Official inspection of a persons or businesses accounts.
A tax credit given to parents with dependent children.
what is a W-2?
Shows the important information about the income you have earned from your employer.
A tax levied by a state on the income of its residents, as well as any non-residents who earned state source income.
What does deduction mean?
Items that will help lower your overall tax income. (Things you claim to pay less taxes in a year)
Who is eligible for the American opportunity tax?
Someone who is pursuing a degree.
1040
Tax return you file
What is an estate tax?
A tax on your right to transfer property at your death.
What is social security? (FICA)
US Federal payroll tax. Is deducted from each paycheck
What does credit mean?
Money given back to you for something on your taxes.
What is the lifetime learning credit?
A tax credit used to offset the cost of tuition and related expenses.
What is a 1099?
A tax record that an entity or person gave or payed you money.
What is a property tax?
tax paid on property owned by an individual or other legal entity, such as a corporation.
What is retirement?
Cash taken out of your current payroll that will replace employment income when you're ready for the next stage of your life.
Who is Mr. Mundricks favorite student?
Probably Kenny G
What is the adoption tax credit?
A tax credit offered to adoptive parents to encourage adoption in the US.
What is a 1098?
What is a payroll tax?
A percentage withheld from an employers salary and paid to a government to fund public programs.
What is a district tax?
A tax embarked for a school district.
What is a dependent?
A person other than the tax payer or spouse who entitles the tax payer to claim dependency exemption.
What is the earned income tax credit?
A refundable tax credit for low, to moderate income working individuals and couples, particularly those with children.