Main types of Taxes
What is a tax on personal income?
Income tax
What is gross pay?
Total amount before taxes
What is a deduction?
a subtraction from taxable income
What is in the top left corner of the paycheck
Where you are employed
Tax taken off of your paycheck?
Payroll tax
What is the equation for gross pay?
Number of hours worked x hourly pay
What is a dependent?
What is a paycheck stub
paper document issued by the employer to the employee stating how much the employee was paid
What is a percentage of the value of owned property?
Property tax
What is net pay?
What are schedules?
IRS forms are used to report various kinds of income, deductions, and credits.
What is the difference between a paycheck and a paycheck stub
Paycheck states the amount of money earned, while the paycheck stub outlines how much was taken from deductions/taxes.
What is a tax on goods and services when you purchase them?
Sales tax
What is the equation for net pay?
Add all of the taxes up and subtract them off of the gross pay
What is a worksheet?
an IRS document provided to taxpayer to compile information, usually not filed with return
What is under the employee box in the top left corner
Employee address
What is a tax paid when purchasing specific such as gasoline or cigarettes?
Excise tax
What goes in the top right corner of the paycheck stub?
Net pay
What is an Audit?
When the IRS looks at your return or other transactions with tax consequences
What is the personal number on the Paycheck stub
Social Security Number