Tax Forms
Form for reportable wage income sent by employers annually.
W-2
Standard annual US tax filing deadline.
4/15
Agency that collects federal taxes in the US.
IRS
Mandatory federal tax that finances Social Security and Medicare
FICA
Filing an extension gives extra time to file, but not extra time to...
Pay Taxes Owed
Form completed by new employees to set tax withholding.
W-4
Extended deadline date if an extension is filed.
10/15
Income total before any taxes or deductions are removed.
Gross Income
Take-home pay remaining after all taxes and deductions.
Net Pay
Standard length of time granted by a tax filing extension.
6 months
Standard individual US income tax return form.
Form 1040
Deadline for employers to send W-2 forms to workers.
1/31
Official IRS review or examination of tax returns.
Audit
Percentage withheld for the federal Social Security tax.
6.2%
Local sales tax added at the register is this type of tax.
State/Local Tax
Form used to request an automatic extension to file.
Form 4868
Start date of the standard US tax calendar year.
1/1
Amount that directly reduces your tax bill dollar-for-dollar.
Tax Credit
Percentage withheld for the federal Medicare tax.
1.45%
Tax levied on specific goods like gasoline, tobacco, or alcohol.
Excise Tax
Form used to report non-employee independent contractor income.
Form 1099-NEC
Due date for the first quarter's estimated tax payment.
4/15
System where higher earners pay a higher percentage tax rate.
Progressive Tax
Pre-tax payroll deduction commonly set aside for retirement.
401
Tax owed on profits earned from selling assets like stocks or real estate.
Capital Gains Tax