Taxes
Tariff
A tax you pay when you buy a specific item is called...
Excise tax
For double points: give an example of an excise tax
Gross Pay - Deductions =
Net pay
Taxes are due by...
April 15
This form confirms that you are eligible to work in the United States
I-9
sales tax
If you pay too much in taxes during the year, you are entitled to a...
refund
Colby works 62 hours this week and earns $10 per hour. Calculate his gross pay
$730
Taxes pay for...
public services
The form is used to file an individual tax return
1040
A tax you pay on the value of your property (example: on the value of your house)
Property Tax
The United States Federal Income tax is a...
Progressive Tax
Caitrin bought some clothes at American Eagle. The subtotal was $57. How much did she pay after Virginia State Sales tax?
$60.02
Name the four mandatory paycheck deductions
State Income Tax, Federal Income Tax, Medicare, Social Security
This form is for unearned income, or income that may not have been taxed
1099
Willfully not paying your taxes is called...
tax evasion
In a Progressive Tax system...
the more you make, the more you pay
Sara makes $65,000 a year. If her only exemption is the Standard Deduction, how much of her income is taxable?
$50,400
lower your taxable income
This form is a part of new hire paperwork. You complete it to tell your employer how much tax to withhold
W-4
IRS stands for...
Internal Revenue Service
An excise tax is often...
included in the price of an item
Ike worked 45 hours this week and 6 hours of double time. He makes $17 an hour. Calculate his gross pay
$1,011.50
Name the two FICA taxes
Social Security
Medicare
Your employer must give you this form by January 31st of each year. It is a summary of your wages from one employer
W-2