Tax Forms
I am received in January. You get me if you are not an employee, but were paid by a company. You probably didn’t get taxes withheld if you got me, so you may have a big tax bill coming up
1099
First day of the calendar year. Your earnings for the year begin on this date.
January 1
money paid to support a former spouse
alimony
Income tax ranges from 10 to 37 percent based on income
what are tax brackets
When does a person first start paying Income tax?
When they get a job
I am received whenever you start a job. You list information about yourself and your family on me. I determine how much money gets taken out of each paycheck
W4
Deadline for filing federal and state income returns that have received extensions
Oct. 15
Flat taxes, the rate stays the same regardless of income. Example property taxes
proportional taxes
Expenses the law allows you to subtract from your adjusted gross to determine your taxable money
Deductions
What does withholding mean?
Money that is taken out of your paycheck. These funds are balanced against taxes owed at year end.
I am received in January. There is one of me for every job I work. You can tell how much you earned and how much you paid in taxes by reading me
W2
IRS e-file system goes live, allowing submission of electronic tax returns
Jan. 29
Willful failure to pay taxes
tax evasion
Incoming funds to the government collected from citizens and businesses in the form of taxes.
Revenue
How much do you have to make in a year to file an income tax form?
net earnings from self-employment of $400 or more
Or base limits will depend on your filing status
I am completed every April. I cannot be used if you have dependents or investment income. People like me because I’m especially quick
1040EZ
Deadline for employers to send to the employee their W-2 (either by paper or electronically)
Jan. 31
An examination of your tax return and records by the IRS.
Audit
Take a larger share of income as the amount of income grows.
Progressive
What government organization is responsible for collecting your taxes?
IRS
I am received whenever you start a job. You use me to prove that you are eligible to work in the U.S. You must provide forms of identification when submitting me
I9
Last day to e-file or mail federal and state income tax forms or to request an extension
April 15
Take a smaller share of income as the amount of income grows
Regressive
money paid to a former spouse for support of dependent children
Child Support
What does IRS stand for?
Internal Revenue Service