Tax Paperwork
What individual taxpayers use to file theirtaxes with the IRS. The form determinesif additional taxes are due or if the filerwill receive a tax refund.
What is the 1040
A category that defines the type of tax return an individual will use, primarily based on marital status; it also determines the size of your tax brackets and how much of your income is taxed at each rate
What is Filing Status
When you complete your 1040 form, if you overpaid your taxes and the government owes you money, that is called a __________.
What is a Refund
The time frame that determines how often employees receive payment for their work
What is a Pay Period
A tax rate system in which all citizens pay the same Tax Rate regardless of salary income.
Regressive/Flat Tax Rate
The IRS requires employers to report wage and salary information for employees using this form. This deadline for employers to send out the form is Jan. 31st
What is the W-2
Someone you financially support who can be "claimed" on a tax return to reduce your taxable income and lower your taxes
What is a Dependent
essential public goods and services for all citizens (hospitals, schools, roads,military spending, etc.) are funded by our_______.
What are Taxes
The status you must claim on your W-4 to ensure taxes are not withheld from your paycheck. This status only applies if you make less than the standard deduction.
What is Tax Exempt
A tax rate system in which all citizens pay a different tax rate depending on how much they make. The more you make – the higher you’re taxed.
What is a Progressive Tax Rate
A form that details all "non-employee" compensation, including for specific jobs like freelancers or contractors
What is the 1099
The dollar amount you must earn, to be legally required to file your Employment Income
What is $16,100
At the federal level, people pay taxes according to their _______ based on their income
What is a Tax Bracket
The portion of an employee's wages that is not included in their paycheck because it goes directly to federal, state and local taxes
What are Deductions/Withholding
Tax paid to the local governments for the sales of certain goods and services.
What is Sales Tax
the IRS document you complete for your employer to determine how much should be withheld from your paycheck for federal income taxes and sent to the IRS.
What is the W-4
The dollar amount you must earn to be legally required to file your Unearned Income
What is $1,300
The Category/ies the government spends the most on
What are Health & Medicare
The total amount of income you were paid by your employer for the whole year. This amount is calculated after taxes are withheld
What is YTD Net Income
The taxes employees and employers pay on wages, tips, and salaries.
Payroll Tax
is the form used to verify a new employee's identity and authorization to work in the United States.
What is the I-9
The dollar amount you must earn to be legally required to file your Self-Employment Income
What is $400
government is mandated to fund Medicare and Social Security by law
What is Mandatory Government Spending
The total amount of income you earned from your employer for the whole year. This amount is calculated before taxes are withheld
YTD Gross Income
A type of tax governments impose on the income that businesses and individuals generate.
What is Income Tax