FORMS
This form is also called your Wage and Tax Statement
W2
Taxes on anything that you buy
Sales Tax
Is it a problem if your withheld amount on your paycheck says $0
Yes
In what month should you receive your W-2/1099s
January
Approximately what percentage of your pay will go to taxes
30%
You fill this form out on the 1st day of work, and after any major life events
W4
Taxes on real estate holdings
Property Tax
What is the difference between Gross and Net pay
Gross is before taxes/deductions are taken out, net is after (your "take-home pay")
What can occur if you go too long without paying your Income Taxes
Fines and/or imprisonment
Approximately how much will the average American pay in taxes over the course of their life
Approximately $500,000
This form also shows your income and taxes withheld, but from outside a regular job
1099
Additional tax on specific items
Excise Tax
What does your employer withhold money for (hint: the answer is two things)
Federal and State Income Taxes
By what date are Income Taxes/1040 Form (usually) due by?
April 15th
What type of tax system does the Federal Government have?
Progressive Tax System
Otherwise known as your Individual Income Tax Return Form
1040
What is one example good that has an excise tax
Gas, tobacco, alcohol
Which Tax Form can change how much money your employer is withholding from your paycheck for taxes
W4
What Government agency is responsible for collecting taxes
Internal Revenue Service (IRS)
What state has the highest State Income Tax rate
California
What are the 3 ways you can file your Tax Return (1040 Form)
Do it yourself, E-file online, go to a tax professional
Name one state that does not have a State Income Tax
These are also known as FICA Taxes taken out of your paycheck
Social Security and Medicare
What is an audit
Having your taxes looked at for more details to ensure you pay the correct amount
What is the Identification Form used to confirm your identity for tax purposes
I-9