Types of Forms
Form used to file your taxes yearly
What is a Form 1040?
A tax paid on money that you make at your job
What is income tax?
Income made before taxes are taken out
What is gross income?
Tax Day
What is April 15?
Bi-weekly paycheck that is consistent and does not change based on hours worked
What is salary?
Form given to you by your employer detailing your yearly income and taxes removed from pay
What is a W-2?
A tax on goods and services that goes to your local gov't
What is sales tax?
Income made after taxes are taken out
What is net income?
Date your employer legally has to give you your W-2 by before an extension needs filed
What is January 31?
The total amount of debt a country owes to companies and other countries as a result of deficit spending?
What is national debt?
Form that you fill out when you obtain a job determining your filing status
What is a W-4?
A state tax on an asset an individual received from someone who has passed away?
What is an inheritance tax?
Income made from working a job
What is earned income?
A list of all eligible expenses that can be claimed to decrease taxable income HINT: time consuming
What is an itemized deduction?
A tax based on the market value of owned assets
What is wealth tax?
An official IRS inspection of a tax return to make sure income and deductions are accurate
What is an audit?
A tax on items/services that the gov't does not deem a necessity HINT: give both names
What is excise tax and luxury tax?
Income made from real estate or investments
What is passive income?
An economic policy in which the gov't spends public funds raised by borrowing rather than by taxation because they are spending more than they earn.
What is deficit spending?
The dollar amount people can subtract from their income before their tax is calculated HINT:The gov't generates this number.
What is a standard deduction?
A filing status that means you support 50% or more
What is Head of Household?
A tax on any asset that exceeds the yearly amount you can transfer to another person without compensation of equal value?
What is a gift tax?
Income made from financial instruments or investments HINT: also known as passive income
What is portfolio income?
A one year period that gov'ts or companies use for financial reporting?
What is a fiscal year?
The smallest amount that employers can legally pay their employees per hour of work
What is minimum wage?