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Vocabulary
Filing Status
Making Calculations
7-3 income Statements
7-3 Income Statements
100
It is the money you pay the government.
What is tax?
100
It is an unmarried taxpayer.
What is single?
100
Single 93,950
$19,295
100
Amount the employee makes before any deductions
What is gross pay?
100
This is the income "group" that contains your income.  It is a range of income amounts.
What is an income bracket?
200
It is based on the value of the property you own.
What is property tax?
200
It is the return for two married people, who file together.
What is married filing jointly?
200

Married filing jointly

$93,001

$14,734
200
The amount an employee actually receives after deductions
What is net pay?
200

This is the grouping that contains the range your tax amount (%) falls into.

What is a tax bracket?
300
It is based on the value of your purchases.
What is sales tax?
300
This is the status of people who are married, but want their financial information taxed individually.
What is married filing separately?
300

Married filing separately

$66,001

$12,245
300
The paper based financial document the employee receives their salary as.
What is a paycheck?
300
A tax that remains the same.
What is a flat tax?
400
It is based on your taxable income.
What is income tax?
400
It is the status for someone who has been windowed in the last year.
What is qualifying widower?
400
Contributions that are deducted from gross earnings before any federal or state taxes.
What are tax-deferred contributions?
400
This is the Form an employee fills out in order to have the correct deductions taken from their paycheck.
What is a form W-4?
400

A form that records other types of income besides regular salaried income.

What is a form 1099?

500
It is your statement of income, expenses, taxes and other relevant financial information for a year.
What is a tax return?
500
This is the status for people who have a special status; unmarried taxpayer who supports people in addition to themselves.
What is head of household?
500
A cafeteria plan is an example of this.
What is a flexible spending account?
500
This is the form that is sent at the end of the year to the employee and is called a Wage and Tax Statement.
What is a Form W-4?
500
This is a plan outlined in Section 125 of the US Tax code and can hold back a portion of pre-tax wages for the payment of certain expenses.
What is a cafeteria Plan?