Tax Forms
Document that employees fill out so their employer knows how much federal income tax to withhold from their paycheck
What is the W-4 Form?
Jan 1st - Dec 31st
What is the tax year?
Gross Income
What is total money earned from all sources before any taxes or adjustments are taken out?
Payroll Deductions
What are amounts withheld from an employee's gross pay to cover taxes, benefits, and other obligations?
Kylie is 23 and a full time student at U of O. She pays for her day to day costs, but her mom continues to pay for her tuition, her car, and phone plan. Can she be claimed as a dependant?
As a full time student under the age of 24, yes she can.
Form that shows your gross wage, taxes withheld, and employer-provided benefits.
What is the W-2 Form?
Apr 15th
What is the tax filing and extension requesting deadline?
Withholdings
What is money that your employer automatically deducts from your paycheck and sends to the government to cover your projected yearly taxes?
What is your wage known as after payroll deductions?
Net Wage
Steve forgets all about the April 15th tax filling due date. Since it's already April 13th, he wants to fill an extension to gather all the necessary funds. Will an extension help him?
No! An extension is just for needing more time to gather the necessary documents, not for an inability to pay. Better to file without the full amount, than not at all.
Form that U.S. taxpayers use to report their annual income, claim deductions and credits, figure out whether they owe money to the IRS and figure out if they are due a refund.
What is the 1040 Form?
3 years from the original due date
What is the last chance to claim a refund for a return that was never filed?
IRS (meaning and job)
Internal Revenue Service
The federal agency that collects income taxes in the United States.
What is included in FICA Taxes?
Social security and Mediacare
Amanda switches jobs in the fall. She can't remember if a W-4 form has to be completed yearly, for each new job or sent over from her old job. Which is it?
She needs to fill a whole new W-4 form to avoid over or under withholding.
What are the three things to do if you haven't received you tax forms past the due date?
- Check online accounts or an online copy
- Contact your employer or bank for a duplicate
- Contact/Check your IRS Account
What are the 4 filings quarters for tax payment?
Jun 15th, Sep 15th and Jan 15th
Dependant
What is a qualifying child or relative who relies on you for financial support and allows you to claim specific tax credits or deductions?
What are the three main tax categories?
Federal, State and Income taxes
Jordan, 21, lives at home with his parents, with a part time job at the library. He makes $8,100 a month and pays for his own car and groceries. Can his parents claim him as a dependant?
No! Jordan is over 19, has a high enough wage, and provides over half his support.
IRS information return that businesses use to report payments of $2,000 or more made to independent contractors, freelancers, and other non-employees during the calendar year.
What is a 1099-NEC form?
When doemployers have to send W-2 s, and clients must send 1099-NEC's for the year that just ended?
Jan 31st
Tax Extension (and dates!)
What is an automatic 6-month extension to submit your tax return, pushing the deadline from April 15 to October 15?
How are pre-tax deductions helpful?
By withholding money from your gross pay before federal, state, and local income taxes are calculated, it lowers your overall taxable income so you pay less in taxes.
What percent of federal taxes is spent on education?
0.5% of total federal spending.