Tax Return
A person that depends on you for more than half of his or her support.
Dependent
What is anther name for net pay?
Take - home pay
What is the tax form individuals use to file their taxes?
Form 1040
Are wages earned income or unearned income?
Earned Income
What is the name of the government agency that collects federal income tax?
IRS Internal Revenue Service
Your tax return should be filed by this date.
April 15
What two taxes make up FICA?
Social Security Tax and Medicare Tax
What form does your employor give you to help you file your taxes
W-2
If you buy a house and then sell it at a higher price, what kind of income is that?
a capital gain
If you paid more federal income tax than you should have, you will get a tax ___________.
refund
What 2 documents do you need to help you file your taxes?
1099-INT and W-2
If John make 11.00 an hour and is working overtime. What is his overtime hourly rate?
$16.50
What form do you fill out before you start working.
W-4
Money in the form of a check, a debit card or other direct payment from that government is called what?
In-Cash payments
What do you call the taxes you pay if you own your home?
Property Tax
When is the last date people receive a W -2 form?
January 31
What are the 4 required taxes that are deducted from an employee's paycheck?
Federal Income Tax, State Income Tax, Social Security Tax, Medicare Tax
How many copies of your W-2 do you get?
3
Money that a person has available to spend after all bills and taxes have been paid.
Robert makes a 4% commission on every house he sells. This week he sold a house for $330,000. What was his commission?
$13,200
A person you claim on your tax return?
Exemption
Name 2 types of retirement accounts
401K and 403B
What form is used to show that you are legally able to work in the US.
I-9
Sally makes 15.00 an hour for regular time and double time on Sundays. This week she worked 45 hours. Those 5 hours were on Sunday. What is her gross pay?
$750
What does YTD mean?
Year to date