Forms
This form proves your identity and authorizes you to work in the United States.
I9 Form
This tax is used for Federal spending.
Federal Income Tax
What is the difference between gross pay and net pay?
Gross pay is your money before taxes, net pay is your money after taxes.
When starting a new job, employees must fill out a ____________ to tell their employer how much tax to withhold.
W4 form
This form tells your employer how much income tax that you plan to pay.
W-4 form
This tax is used for state tax funding.
State Income Tax
What are two ways that your federal income tax is used?
medicare, national security, social security
If you overpaid on taxes throughout the year, you will receive a _________ during tax season.
Tax Refund
This is what allows your employer to wire you money directly for payment.
Direct Deposit form
This tax allows people to access affordable healthcare.
a child or spouse (someone who depends on you for income)
The types of taxes that you pay when you work at a job and earn money
Income Tax
This form will allow you to use your health, dental, and vision benefits that you decide when you begin working.
Benefits enrollment
This tax allows you to receive funds after retirement
Social Security Tax
Why might you file a tax return?
To pay any owed taxes, to receive a refund in you overpaid in taxes.
Billy pays into his retirement before taxes, this is considered a _____________.
Pre-Tax Deduction
This is a form you receive from your employer that tells you how much taxes you paid within a calendar year.
W2
This is a tax you pay when you purchase an item, in Michigan this tax rate is 6%
Sales Tax
What are the three main ways that you can file taxes? (daily double) which is the cheapest method?
E-file, file by mail, in person filing. (E-filing is the cheapest)
When you work a job, your gross pay is your pre-tax income, your ___________ is your income after taxes.
Net Pay.