TAX BASICS
This is money the government collects to pay for public services.
What is Taxes?
This is the amount you take home after taxes.
→ What is net pay?
Tax added when you buy clothes or electronics.
What is sales tax
This form reports your yearly wages and taxes withheld.
What is a w-2?
If you buy a $50 item and pay $54 total, the extra $4 is this.
What is sales tax?
This type of tax is taken from the money you earn from a job.
What is income?
This federal program provides retirement benefits and is funded by payroll taxes.
→ What is Social Security?
Tax paid for owning a home.
→ What is property tax?
This is the deadline to file federal income taxes (most years).
What is April 15th
If you earn $500 but receive $420, the missing $80 went here.
What is tax withheld?
Gross pay is this type of pay: before or after taxes?
What is before taxes?
FICA stands for this.
What is Federal Insurance Contributions Act?
Tax included in gasoline and cigarettes.
→ What is an excise tax?
This form is used by self-employed workers instead of a W-2.
What is a 1099?
If you babysit and earn money but no taxes are taken out, you may need to do this.
What is file taxes yourself?
This type of tax increases as income increases.
What is a progressive tax?
If $100 is withheld too much from your paycheck throughout the year, you receive this.
→ What is a tax refund?
This tax is considered regressive because it takes a larger percentage from low-income earners.
This is money you owe if not enough tax was withheld during the year.
What is tax owed?
Failing to file taxes can result in this.
what is Penalties and fees
This reduces your taxable income.
→ What is a tax deduction?
This form tells your employer how much federal income tax to withhold.
What is w-4?
This type of tax applies to business profits
What is corporate income tax?
The official document you submit to the IRS each year.
What is tax return?