Tax Forms
What form do individuals use to file their annual income tax returns by April 15th?
1040 Tax Form
What are exemptions on the W-4 to determine how much of an employee's pay to withhold from his or her paycheck for taxes?
Allowances
What are taxes paid by employees to STATE government from their paycheck?
State Income Tax
Net Wage
What form reports the employee's annual wages and taxes withheld from their paycheck for the year?
W-2
What are persons of any age who live in your house for whom you provide a specific level of financial support?
Dependents
What are taxes taken out of your paycheck that provides monthly benefits to millions of Americans, including retirees, military families, surviving families of deceased workers, and disabled individuals?
Social Security/FICA Taxes
What is your wage BEFORE deductions and taxes are taken out?
Gross Wage
What form details all "non-employee" compensation, including for specific jobs like freelancers or contractors?
1099 Tax Form
What are taxes paid by employees to FEDERAL government from their paycheck?
Federal Income Tax
What are TWO examples of deductions?
1. Retirement
2. Insurance
What form is used by an employer to verify an employee's identity and to establish that the worker is eligible to accept employment in the United States?
I-9
What may happen if you claim too MANY allowances on your W-4?
You have to pay more taxes while you file in April
What are taxes taken out of your paycheck that provides healthcare assistance to elderly and disabled Americans?
Medicare Taxes
What percentage does the government take out of your paycheck for your Social Security/FICA taxes?
6.2%
What form is completed by an employee to indicate his or her tax situation (exemptions, marital status, etc.) to the employer, who then withholds the corresponding amount of taxes from each paycheck?
W-4
What are TWO differences between a W-2 and W-4?
1. W-2 reports your annual income and taxes withheld. W-4 is filled out to decide how much in taxes is taken out.
2. W-2 is filled out by your employer. W-4 is filled out by you (the employee)
3. W-2 has to be sent out by January 31st. W-4 is filled out whenever you start a new job.
What is the amount of income that is used to calculate an individual's or a company's income tax due?
Taxable Income
What percentage does the government take out of your paycheck for your Medicare taxes?