Vocabulary
Salary before taxes
What is gross income?
Unmarried with no kids
What is single
Form used to show how much the employee should be taxed
What is W-4 Form
Anything a taxpayer can use to lower their taxable income
What is a deduction
How can taxpayers file their taxes?
What is paper or electronically
Abbreviation for the Internal Revenue Service
What is IRS
Single with dependents, providing over 50% of expenses
What is Head of Household
Form generated by employer to show wages paid and taxes withheld
What is W-2
Tax Day
What is April 15th
Name the filing statusus
What is Single, Married filing joint, married filing separately, HOH, and Qualifying Spouse.
Term for the failure to pay taxes
What is tax evasion?
Couple legally married, filing together
What is married filing jointly
Form generated by bank/ investor to show interest earned
What is 1099-INT
Being flagged by the IRS and them thoroughly check your files
What is an audit
Dependents must be under age 17 at end of the year to qualify for
What is the child tax credit
Salary after taxes
What is net income?
Couple legally married, filing apart
What is married filing seperately
Standard IRS form to file annual income taxes
What is 1040
When clients can use their tax refund to pay for tax preparation
What is refund transfer
Prepaid Mastercard for clients to deposit their refund on, issued in office
A person who relies on someone else for financial support
What is a dependent
A taxpayer using MFS must file a tax return if they earn more than
What is $5
Form to claim education credits?
What is 8812 Form
Share of income generated from a firm's profits distributed to shareholders
Dividends
The nickname of “Sin Tax” refers to taxes paid on what?
What is lottery winnings, gambling, cigarettes, or alcohol