Payroll Deductions
Wages or salary before payroll deductions
What is Gross Income.
When are taxes due?
What is April 15th
When you begin a job, your employer will ask you to fill out this form for federal tax purposes.
What is W4
The income you receive from employment
What is Earned Income
Your take home pay
What is net income.
A federal program that pays for certain health care expenses for older citizens and others with disabilities.
What is Medicare.
What is CT sales tax?
What is 6.35%
1040
is payment for work that is expressed as an annual figure.
What is Salary
Provide 2 examples of unearned income.
Unemployment Compensation, Alimony, Capital Gains, Dividends.
What is the payroll deduction percentage for social security?
What is 6.2%
An expense that can be subtracted from your taxable income.
What is tax deduction.
You will receive this form if you receive interest from bank accounts you own.
What is 1099-INT
What is CT current minimum wage
What is $15.69
A tax that imposes a higher tax rate on those with higher incomes
What is progressive tax.
You are paid semi-monthly. How many pay periods do you have in 1 year?
24
What is the 2023 standard deduction?
$13,850
The form you fill out when you get a job to prove you are eligible to work in the US
I-9
The document that summaries your pay and taxes withheld typically attached to your check. If you have direct deposit, it is often emailed to you or printed.
Pay Stub
What is the greatest mandatory federal government expenditure?
What is Social Security
What does FICA stand for?
What is Federal Insurance Contributions Act
What is the full retirement age to receive social security if you were born in the year 2007
67
How long do you have to keep your tax records?
3 years Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.
List 3 States with no income tax
Alaska, Florida, Nevada, New Hampshire, South Dakota, Texas and Wyoming.
You receive "non employee compensation" what form do you receive from the person who paid you?
1099MISC