Vocab Terms
This is the Federal Program providing financial benefits to people over 65 or disabled.
What is Social Security?
This is a yearly fixed amount of gross pay
What is a salary?
This is the term for when the amount of money withheld is larger than the amount of what you owe.
What is a refund?
This is the term for a payment imposed by a governmental unit
What is a tax?
These are the people you are responsible for in paying for taxes
What are dependents?
This is the term for money left after deductions are taken out
What is Net pay?
Singe, Married jointly, widowed, and Head of Household are examples of marital status which determines this in tax forms
What is Filing Status?
This the used by an employer to report an employees annual wage and the taxes withheld, also used by the employee for filing their taxes.
What is W-2?
This is the Federal Insurance program providing healthcare to people who are retired or disabled.
This is the term for the pre taxed income a person brings in
What is gross income?
This is the type of deduction that the federal government determines each year and is the same for all classes.
What is standard deduction?
This is the IRS tax form used to file personal tax returns after recieiving W-2.
What is a 1040?
What is an audit?
Amounts subtracted from gross pay like taxes, benefits, and insurance
What is deductions?
This is a reduction of taxes owed, examples include raising kids, college, and paying medical bills
What are tax credits?
This is the final date by which you can file your taxes
What is April 15?
This is the term for the income rate on which you pay your taxes
What is taxable income?
A person works 20 hours a week and makes $30 dollars an hour this is his gross pay
What is $600?
This is the type of deduction that varies year to year and can subtract from your gross income.
What is itemized deductions?
This is the tax form filled out on your 1st day of work to help your employer calculate your federal withholdings
What is W-4?