Forms
This is the form you fill out to file your tax returns.
1040
This is the amount you make before deductions
Gross Pay
What are the two basic forms you may need to do any tax return that shows income and taxes?
W-2 and/or 1099
Federal and state taxes employers must pay based on their employees salary.
Payroll Tax
Name one category that you should put on your resume
Skills, work experience, volunteering, objective
If you earn interest on your checking/savings account, the bank will give you this form to fill out your tax return.
1099
If Susan gets paid $50,000 per year, she is getting paid a yearly ____________.
Salary
April 15
Taxes paid by employees to federal and state governments directly from their paycheck.
Income Tax
If Jimmy made $38,000 and he paid $5,786 in federal income tax, what is his percentage of tax he paid?
15%
This form is to show the government that you are legally allowed to work in the US
I-9
A document attached to your paycheck that shows the amount you earned and the amounts withheld for taxes, health insurance, etc.
Paycheck Stub
When you pay too much money to the government in taxes, this is what you get.
Refund
Sometimes called a Sin Tax. This is a tax paid on purchases of a specific goods like gasoline and cigarettes.
Excise Tax
What is one thing the cover letter tells the reader?
Asks for job, shows skills that match the job, asks for interview
This shows how much you earned and how much you paid in taxes so you can file your tax return.
W-2
List two (2) taxes shown on your pay stub
Federal Income, State Income, Local Income, FICA, Medicare, Soc. Security
A standard amount that reduces your taxable income
Standard Deduction
Tax paid when you buy something from the store.
Sales Tax
How much time do employers generally spend looking at each resume they receive?
Approx. 7 seconds
This is completed when you start a job and it shows your employer how much tax to take out of your check.
W-4
What does YTD stand for and what does it mean?
Year To Date - The amount up to the current paycheck of all income earned and deductions.
What is a filing status and what status would someone that has an aging parent living with them choose?
Single/Married filing separately, Married filing jointly, and Head of Household are statuses
Head of Household should be chosen
FICA (Federal Insurance Contributions Act)
When people who make more money pay a higher percentage of tax than people who make less money, it is called this type of tax structure.
Progressive