Types of Taxes
You have to pay this every time you purchase something.
Sales Tax
This plan is best suited for self-employed individuals and small businesses with no employees, reducing the business taxable income.
SEP IRA
This is a child or a relative that you financially support.
Dependent
When you overpay your taxes, you are entitled to this.
Refund
At what age can a person no longer be claimed as a dependent if they are a full-time student?
24
These are taxes levied on both the employer and the employee to cover insurance taxes.
FICA Taxes
Money deducted out of your paycheck for things like taxes, employer sponsored health insurance, and retirement.
Withholdings
This rule allows homeowners to rent out their home for up to 14 days per year without needing to report the rental income on their individual tax return.
The Augusta Rule, known to the IRS as Section 280A
Many companies in the United States must report information about who ultimately own or control the company.
BOI Beneficial Ownership Information
This is your filing status if you are not married but have dependents in which you provide at least 50% of expenses for.
Head of Household
This is a tax on investor gains after they sell the asset.
Capital Gains Tax
This form is completed and turned into your employer to help them determine what % of your gross pay will be withheld for income taxes.
W-4 Form
If the IRS suspects that your taxes are have been done incorrectly or you haven't paid your fair share, they will do this.
Audit
This Bureau supports law enforcement investigative efforts and fosters interagency and global cooperation against domestic and international financial crimes
FINCEN
Financial Crimes Enforcement Network
Money you get from grandma as a birthday gift is this kind of income.
Often referred to as the death tax, this is a payment when property is transferred after someone's death.
Estate Tax
This is the amount of money you end up with after withholding and taxes.
Net Pay
Savings account that lets you set aside money to pay for qualified medical expenses.
HSA Health Savings Account.
2024 single coverage $4,150, $8,300 family coverage of HDHP.
This agency collects taxes.
Internal Revenue Service (IRS)
This is a specific dollar amount that reduces the amount of income on which you're taxed.
Standard Deduction
All taxpayers, regardless of their work employment status, need to pay and declare it through their tax return.
Income Tax
Paying them salaries can reduce your business's taxable income, and their salaries are not be subject to federal withholding tax and no federal income tax.
Hiring your kids up to the amount of standard deduction
2024 is $14,600
if you own a home, have significant medical expenses, or make large charitable donations this option lower your taxable income
Itemized deductions.
These are the two primary payroll taxes United States citizens have withheld in their paycheck.
Medicare and Social Security
What will be the standard deduction minimum earned income requirement for income taxes in 2024?
$14,600