Miscellaneous
Money paid to the government is known as
What are taxes?
You must file and pay your taxes by this date
What is April 15?
The tax system where everyone pays the same percentage of their income
What is a Proportional (Flat) Tax System?
When looking at your pay stub, YTD stands for this
What is Year to Date?
This tax form used to file federal income taxes
What is the 1040?
Someone who you take care of can be claimed as this when filing taxes.. they lower the amount you owe in taxes
What is a dependent?
The work year falls between these dates
What are January 1 - December 31?
This tax system uses tax brackets
What is Progressive Tax System?
To calculate your net pay, you take your gross pay and subtract this
What are withholdings (deductions)?
This tax form used to summarize your earnings and withholdings
What is the W-2?
The software we used in class to simulate filing taxes
What is TurboTax?
Your employer must give you your W-2 by this date
What is January 31?
The tax system where you pay a higher percentage when you make less
What is Regressive Tax System?
The highest category of government spending with our tax dollars
What is Healthcare?
This tax form is used when you do work for a company you are not employed by
What is the 1099?
The state income tax rate for Michigan (the %)
What is 4.25%?
If you file an extension, you must file and pay your taxes by this date
What is October 15?
The U.S. Federal Income tax is an example of this tax system
What is Progressive Tax System?
These 2 taxes are considered FICA taxes
What are Social Security and Medicare?
This tax form is used to inform your employer how much you want deducted from your paycheck
What is the W-4?
Tennessee and New Hampshire do not have a state income tax, but they do tax the money you make on this
What are investments?
The IRS pushed tax day in 2021 back to this date because of the pandemic
What is May 17?
The state of Michigan Income Tax is an example of this type of tax system
What is Proportional (Flat) Tax?
What are Alaska, Florida, New Hampshire, Nevada, South Dakota, Tennessee, Texas, Washington, Wyoming
This tax form is used to prove you are legally eligible to work in the U.S.
What is the I-9?