Sources of Income
Type of form that shows wages earned
What is a form W-2?
A fixed amount set by the IRS which changes annually and reduces one's AGI depending on their filing status
What is a standard deduction?
To suddenly stop communicating with someone
What is "Ghosting"?
Tax credit that benefits students enrolled in college or university
What is Education Credit/American Opportunity Credit/Lifetime Learning Credit?
Form that calculates how much tax is owed or refunded based on your income, deductions, and credits
What is form 1040?
Type of income one receives when selling stock or property
What is capital gain?
Giving cash or property to qualified organizations without anything in return
What are charitable contributions?
To charm or attract another person through words or actions
What is "Rizz"?
Organization that tax preparers call to verify CA tax payments made by taxpayers
What is the FTB/Franchise Tax Board?
Name of form for taxpayers who reside within CA
What is Form 540?
Type of form used to show income supporting an individual that no longer works and withdraws from a 401K
What is a form 1099R?
Expenses used to support or maintain the health of an individual
What are medical and dental expenses?
Sharing gossip or juicy information
What is "Spilling the Tea"?
Filing status for an unmarried individual with a qualifying dependent
What is a head of household?
Name of Schedule to report business income and expenses
What is Schedule C?
Payments received for the use or occupation of a person or business's property
What is rental income?
Taxes paid annually or semiannually to the government based on the value of their home or building
What are property/real estate taxes?
Performed a task well or looked great in an outfit
What is "Ate/Slay"?
Tax Credit: For expenses paid for the care of a qualifying individual to enable the taxpayer to work or look for work. (Ex. daycare expenses)
What is Credit for Child and Dependent Care?
Name of Schedule that shows interest and dividend income on tax return
What is Schedule B?
Type of form that shows how much income/loss a shareholder or partner receives from a pass through entity they've invested in.
What is a K-1?
An expense owed to a lender when borrowing money to purchase a house
What is mortgage interest?
Used to describe a vibe or feeling
What is "Its giving"?
The two types of taxes when added together that make up self employment tax
What is Social Security and Medicare tax?
Name of Schedule to report capital gains and losses
What is Schedule D?