Pay Stubs
Total earnings BEFORE deductions
Gross
A form reporting wages & taxes withheld that must be received by Jan 31st
W-2
Taxes collected from goods & services
Sales tax
Money that can be subtracted to lower taxable income
Deductions
1000 bottles of baby oil
Diddy
A type of voluntary deduction
Health insurance, 401K or union dues
(answers vary)
A standard federal income tax form completed each year
1040
Taxes collected from owning a home or land
Property tax
Paper filing, websites, hiring a professional
Methods for filing income taxes
say drake
Lamar
A mandatory deduction to pay Social Security and Medicare
FICA
A form completed when hired to indicate tax withholding preferences
W-4
The largest mandatory government expenses (required by law) are Medicare, Medicaid, and ...
Social Security
Income through gifts, unemployment, dividends, or inherentance.
Unearned Income
How do you want it, how does it feel
Tupac
A document summarizing wages and deductions each pay period for an employee
Pay stub
A form employers use to verify ID & if you are legally allowed to work in the U.S.
I-9
Military defense, education, public transportation, scientific research, law enforcement & Foreign Aid
Examples of Discretionary Spending
Too much federal taxes withheld
Refund
I Am Not Okay
Jelly Roll
A tax system that places the burden of taxes on low income earners
Regressive
A form to report various types of income other than wages, salaries, and tips.
1099
Agency responsible for collecting federal taxes and enforcing tax laws
IRS; Internal Revenue Service part of the US Treasury Department
Someone you financially support who can be "claimed" on a tax return
Dependent
In Case You Didn't Know
Brett Young