Tax Documents
The IRS form that employers MUST provide to their employees that reports wages paid and taxes withheld in a given year.
W-2
Total amount of earned income before taxes are withheld
Gross income
A category used by the IRS to determine how you file your tax return, how much you owe, and what credits or deductions you qualify for.
Filing status
What month can you begin submitting your taxes?
End of January
What does IRS stand for?
Internal Revenue Service
The IRS form completed by an employee upon being hired that indicates their tax situation to employers. This form allows you to elect into additional tax withholdings that increase your odds of a tax refund.
W-4
Total amount of earned income after taxes are withheld
Net income
The tax rate you will pay for each portion of your income that falls within a certain set range
Tax bracket
What is the last day you can file your taxes?
April 15th (Tax Day)
If you or your parents are paying for your education, these credits can help lower the tax bill.
Education Credits
The main tax document you must file with your taxes that shows the IRS your taxable income.
1040
This payment method allows for electronic transfer of funds directly into your bank account
Direct Deposit
Wages withheld from an employee's paycheck for the payment of taxes, benefits, or garnishments
Deductions (withholdings)
How can you receive your tax refund?
Physical check or direct deposit
True or False: If your situation changes, you can not fill out a new W-4.
False
Jaime made $82,000 this year and is filing as Head of Household with 3 children under the age of 17. Each qualifying child is eligible for a Child Tax Credit of $2,000.
How much total Child Tax Credit will Jaime receive for his 3 children?
$6,000
Kunta earns $234 every week. How much has he earned in one year?
$12,168
A child, relative, or someone else who relies on you financially
Dependent
How do you calculate the estimated federal tax withholding?
Income X Tax Rate
How much does a single person have to make to be taxed at a rate of 37%?
$578,125 or more
Raul is single and takes care of his disabled mother, who lives with him full-time and qualifies as his dependent. Based on this information, how much credit can Raul claim on his taxes for caring for his mother?
$500
Malika worked 7 hours on Monday and Tuesday and 8 hours on Wednesday, Friday, Saturday. She earns $24.50 per hour. What are her total earnings?
$931
What's left after all adjustments and deductions are applied.
Taxable income
Raheem has a total income of $43,258. His deductions total $7,160. What is his taxable income?
$36,098
What are you declaring by signing your W-4 document?
That to the best of my knowledge and belief that this certificate is true, correct, and complete.