Forms
This form determines how much federal income tax is withheld from your paycheck.
What is a W-4?
This is the amount of money you actually take home after deductions?
What is net pay?
You begin paying federal income taxes when this happens.
What is earning more than the minimum income requirement?
The typical deadline for filing your federal tax return.
What is April 15?
Jalen receives a paycheck showing taxes and insurance deductions. The amount left after deductions is called this.
What is net pay?
This form shows your yearly earnings and taxes withheld.
What is a W-2?
This is the total amount earned before taxes and deductions.
What is gross pay?
A person you financially support and may claim on your taxes.
What is a dependent?
If you cannot file your taxes on time, you should request one of these.
What is an extension?
Maria starts her first job and fills out paperwork so her employer knows how much tax to withhold.
What is a W-4?
This form proves you are legally eligible to work in the US.
What is an I-9?
Money taken out of your paycheck for taxes, insurance, and retirement is called this
What is withholding?
If too little money is withheld from your paycheck, this is likely to happen after filing taxes.
What is owing money to the IRS?
This is why it is important to complete your 1040 carefully.
What is determining whether you owe taxes or receive a refund?
Chris worked two different jobs during the year. He will need two of these forms to file taxes.
What are W-2 forms?
This form is completed each year to determine whether you owe taxes or receive a refund.
What is a 1040?
This deduction helps pay for retirement and disability benefits.
What is Social Security?
Money returned to you by the government because you overpaid taxes.
What is a refund?
True or False: If your employer withholds taxes from your paycheck, you do not need to file taxes.
What is false?
Taylor paid more taxes during the year than necessary. The government now owes Taylor this.
What is a refund?
You need one of these from each employer you worked for during the year.
What is a W-2?
This paycheck deduction goes into a retirement investment account you manage.
What is a 401(k) contribution?
This tax helps fund healthcare programs for older adults.
What is Medicare?
This determines whether you are required to file a federal tax return.
What is your income amount and type of income earned?
Jordan claims a dependent on a W-4 form. This will usually cause this to happen.
What is less money being withheld from the paycheck?