Taxes
Tax deducted from an individual’s paycheck based on their net income
What is Income Tax?
Once taxes and other payroll
deductions are subtracted from your pay, the result is your...
What is Net Pay?
This form 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.
Tax deducted from an individual’s paycheck, such as for Social Security
and Medicare
The amount of money you earn before
any payroll deductions
IRS form used to show your
income earned and taxes paid over the year.
What is a 1040?
Tax applied to personal property, such as a house or automobile
The amount of tax on earnings at the state level
based on percent of income
What is State Tax?
Reports an employee’s annual wages and
the amount of taxes withheld from paychecks.
What is a W-2?
Tax applied on the sale of goods and services, usually calculated as a
percentage of the purchase price and collected by the seller
What is Sales Tax
Tax on income paid by both the employee and
the employer to fund the Social Security system
What is Social Security?
a collection of tax forms documenting different types of payments made by an individual or a business that typically isn't your employer.
What is a Form-1099