Filing Status
_________ is the number of Filing Statuses
What is Five
This is completed by employees and used by employers to determine the amount of income tax to withhold
What is a W4
Given to an employee, by an employer - when performance goals are met - in addition to usual compensation
What is a Bonus
The charge for the use of borrowed money
What is Interest
Taxpayers can claim these for themselves, their spouses and eligible dependents
What are Exemptions
This filing status is for married individuals that will not file on the same tax return
What is Married Filing Separately
This includes social security and medicare taxes
What are payroll taxes
Wages, salaries, bonuses, commissions and some tips are reported on this statement
What is a W2 (Wage and Tax Statement)
This is interest income that is not subject to taxes
What is Tax-Exempt Interest Income
What is a Personal Exemption
Use one of these filing status, if on the last day of the year, you are legally separated or divorced.
What is Single or Head of Household
Received by retired workers aged 65 and older
What is Social Security
This is money and goods received for services performed by food servers, baggage handlers, hairdressers and others
What are tips
In most cases, interest income is reported on this form
What is a 1099-INT
This exemption is for a person other than the taxpayer
This filing status is the most beneficial filing status
What is Married Filing Jointly
Used to provide medical benefits for certain individuals when they reach the age of 65.
What is Medicare (Tax)
Typically paid on a daily or weekly basis by an employer to employees
What are Wages
Interest income is considered _____________ income because it is not earned by a person.
What is Unearned (Income)
_________ exemption(s) is/are allowed for each person claimed as a dependent
What is One
This person is considered _____________ when a joint return is filed and only one spouse owes a past due amount.
What is an Injured Spouse
What is the combined rate of Social Security and Medicare Tax(es)?
What is 7.65%
These types of wages are subject to social security tax, Medicare tax and federal income tax withholding.
What are Ordinary Wages
This type of income is earned on Savings and Checking Accounts
What is Taxable Interest
What is the 2017 Tax Cut and Job Act