Tax Forms
The name of the tax form that you receive from your employer to calculate your withholding.
What is a W4?
This tax is only on certain goods. Example: sugar, tobacco, alcohol.
What is an excise tax?
This tax is on your wages, tips, & income.
What is an income tax?
This is someone who cannot take care of themselves, like an elderly parent, child, or someone who might have a disability.
What is a dependent?
You are supposed to receive your 1099 INT & W2 by this date.
What is January 31st?
The name of the tax form that you receive from your employer that tells you what was your income & how much was withheld in the past year.
What is is a W2?
This tax is on the total bill. Example: grocery stores.
What is a sales tax?
This type of tax, you pay more as you earn more.
What is a progressive tax?
If you work at home, you can sometimes write off parts of your mortgage, internet, utilities, etc.
What is an allowance?
The date to file your taxes by.
What is April 15th?
The name of a tax form that you receive from your bank that tells you how much you made in interest from your bank account.
What is a 1099 INT?
This tax is on a gift.
What is a gift tax?
This type of tax, everyone pays the same percentage.
What is a proportional tax?
This income will always be your greatest income BUT this total amount will NEVER be in your bank account.
What is gross income?
This is who you pay your federal taxes to.
What is the IRS? (Internal Revenue Service)
The name of a tax form that you use your W2 & 1099 INT to file your taxes.
What is a 1040?
This tax is when someone dies & they give their belongings to someone.
What is an estate tax?
Schools are an example of this. It is paid through by state property taxes. Anyone can attend schools.
What is a public good?
This is the income you are actually taxed on (once allowances & deductions are taken out).
What is taxable income?
This is who you pay state taxes to.
What is the state of Illinois?
This is the number that is used to identify you when you are filing your taxes.
What is a Social Security Number?
This tax is when someone needs to get certified to do something. Example: cosmetologist, doctor, teacher, etc.
What is a license/business tax?
Everyone pays this tax for social security & medicare.
What is FICA? (Federal Income Contributions Act)
This is a tax that is paid on foreign goods. Goods that are NOT made in the USA.
What is a custom/duty/tariff?
This is the outcome you want when withholding. Think goldilocks.
What is withholding just the right amount?