Key Words
The amount of money you earn before any payroll deductions.
Gross Income
Tax deducted from an individual’s paycheck, such as for Social Security
and Medicare.
Payroll Tax
An important IRS form used to show your income earned and taxes paid over the year.
Form 1040
What percentages do tax rates range from?
10%-37%
Taxes used to fund federal programs.
Federal Taxes
Positive Cash Flow
Surplus
Tax deducted from an individual’s paycheck based on their net income.
Income tax
Comprises a series of forms that catalog income that is earned outside of a job using Form W-2. Form.
Form 1099
Unmarried Individuals are called what in Tax Brackets?
Single
A health insurance program for low-income
individuals and people with limited resources.
Medicaid
This means to list deductions individually.
Itemized deduction
Tax applied to personal property, such as a house or automobile.
Property tax
An employment eligibility verification form.
Form I-9
Married couples filing taxes together are called what in Tax Brackets?
Married, filing jointly
Money that can be subtracted from taxes that are owed.
Tax Credit
Negative cash flow.
Deficit
Tax applied on the sale of goods and services, usually calculated as a
percentage of the purchase price and collected by the seller.
Sales Tax
Prepared by the employer, reports an employee’s annual wages and the amount of taxes withheld from paychecks.
Form W-2
Married couples filing
taxes separately are called what in Tax Brackets?
Married, filing separately
Local Police and Fire services are funded by this.
Local Taxes
An employer-sponsored retirement plan, sometimes with matching funds.
401(k)
The amount of federal tax on earnings imposed by the IRS based on tax tables.
Federal Income Tax
This is used to determine the amount of income tax deducted from your paycheck when you begin a new job, based on various factors about your income and household.
Form W-4
Unmarried individuals
with a dependent are called what in Tax Brackets
Head of Household
Employees call this a paycheck but employers call this a....
Pay Stub