Tax Dates
What is the due date to file you taxes?
April 15th
What tax form is used to file your taxes? It tells you if you owe additional taxes or are entitled to receive a refund from the government
1040
What tax form determine how much money is withheld from your paycheck for taxes? You fill it out on your first day of employment.
W-4
What term means how much is being taken out of your paycheck for things like taxes, employer sponsored health insurance, and retirement?
withholding
Trenton has a part-time job that pays $12/hour and works about 50 hours every month. His withholdings are Social Security (6.2%), Medicare (1.45%) and federal income tax (10%). What is his approximate net pay?
$500
$12*50 = $600
600*0.62=$37.20, 600*0.0145=$8.70, 600*0.1=$60