Taxes and income
payments required to local state and national governments
what is taxes?
A lifetime journey of building and applying skills and experiences in paid employment.
career
Free Application for Federal Student Aid.
FAFSFA
Skills, knowledge, and experiences possessed by an individual.
Human Capital
form 1040
Used by taxpayers to file their annual income tax return.
A tax used to fund the Old-Age, Survivors, and Disability Insurance (OASDI) Program (6.2% paid by employee and employer).
what is social security tax?
Interacting with others to develop business or professional relationships.
networking
A program that forgives student debt for those working for the government or non-profit employers.
Public Service Loan Forgiveness (PSLF):
A cycle where an individual's financial situation worsens due to lack of resources, education, or support.
Poverty cycle
W-2
Form from employers detailing employee earnings and tax withholdings.
Tax that takes a larger percentage from wealthy individuals.
what is progressive tax
A document that itemizes education, qualifications, and experience for a job position.
resume
Loans where interest doesn’t accrue while in school or during deferment.
Subsidized Loan
A cycle where an individual progresses financially through hard work, education, and savvy investing.
wealth cycle
Form to verify identity and employment authorization
I-9
Tax that takes a higher percentage from the poor than the rich.
what is regressive tax
: Part-time jobs for students with financial need to help pay education expenses.
work study programs
Refundable credits pay back any excess, non-refundable credits are lost if they exceed taxes owed.
Refundable vs. Non-Refundable Tax Credit:
Education savings plans with tax advantages (tax-free withdrawals for education).
529 plans
Form employees fill out for tax withholding allowances
W-4
Divisions at which tax rates change in a progressive tax system.
what is tax brackets
Quantify
where can you get help for scholarships at WX
counseling center
name 1 type of budget
need first budget
Income received after someone dies and leaves something to you.
Inheritance