Tax Forms/Information
The responsible party who ensures tax forms are completed and taxes are paid.
What day do you legally have to have your taxes filed?
What is April 15th?
____________is a type of tax that is added to the price of goods or services at the time of purchase.
What is sales tax?
You get this with your paycheck to show how much money you made and all deductions taken out of your check.
What is a pay stub?
Who receives the largest part of its revenue from income taxes?
What is the Federal Government?
Which two tax forms will list your income and assist you in completing your taxes for the year?
What is the W-4 and the 1099?
______________________- expenses you can legally subtract from your income before calculating your taxes
What are deductions?
_________________ is a tax placed on income earned by individuals. The amount paid is based on a person's total earnings.
What is income tax?
What is gross income?
What is the amount of income you earn BEFORE TAXES are taken out?
Explain the difference between soft skills and hard skills.
Soft skills are more universal (people skills) while hard skills are used only in specific situations (data programming).
I am completed every April. Anyone can use me. I help you find out if you get a refund or not but beware, there is a LOT to fill out.
What is the 1040 form?
Explain Progressive tax.
What is - the more someone makes, the greater percentage will be taken in taxes?
________________ is the law that requires workers and their employers to contribute to Social Security & Medicare.
What is FICA or the Federal Insurance Contributions Act?
What is net pay?
What is the amount of income you receive AFTER TAXES are taken out?
Describe the difference in a wage and a salary?
Wage is hourly and a salary is yearly and not usually overtime eligible.
I am received in January. There is one of me for every job I work. You can tell how much you earned and how much you paid in taxes by reading me.
What is the W-2 form?
What are the three ways to file your taxes?
Tax on land, buildings (including homes), and motor vehicles (automobiles, boats, etc.) is called __________
What is property tax?
Your employer collects payroll taxes by deducting or _________________ your money from your wages. Income withheld from your paycheck goes to prepay your federal income tax and social insurance tax.
What is withholding?
Deadline for employers to mail W-2s to their employees (either by paper or electronically).
What is January 31st?
What form do employees fill out to tell employers how much tax to take out of your check?
What is the W-4 form?
A program that provides monthly benefits to almost 60 million Americans, including retirees, military families, surviving families of deceased workers, and disabled individuals.
What is Social Security?
Taxes charged on consumption items that can vary depending on the state/city/county but may include gas, hotel rooms, and other items.
What is excise tax?
What is one reason the gov't collects taxes out of each paycheck as opposed to sending a bill at the end of the year?
What is people are more likely to pay their taxes & it spreads out payments to make it more manageable.
This is the federally funded insurance for people of retirement age.
What is Medicare?