General Tax Terms
What are the three general types of taxes we have in the United States?
Sales, Income and Property taxes
I am a tax form you get at the end of every year from your employer and list your income and taxes withheld.
W-2 Form
Everyone who files a tax return gets a certain amount of money that is tax-free. Money taken off of their income. This is called the...
Standard deduction
This is a tax withheld from our paychecks that is payed into the national government.
Federal tax
Name two factors that affect home value
age, upgrades, neighborhood, economy, school district, size, housing market
List two things our state taxes pay for...
State taxes are used to pay for education, building and repairing roads and provide services to low-income families.
I am a form you fill out whenever you start a new job. I provide information on your identification and salary you will earn to the federal government.
W-4
List three kinds of payroll taxes.
Medicare
Federal, State, Local
This is a tax withheld from our paychecks that is used to pay for education, building and repairing roads and provide services to low-income families.
State Tax
Max made $41,528 this last year. He is filing Single on his tax return and has had $10,476.93 already withheld for federal taxes. H&R Block says he owes $10,550 in taxes. Will Max owe a balance due or will he get a refund?
Refund. He owes $10,550 in taxes and has paid in $10,476.93. He still owes $73.07.
This is a record of wages, federal and state taxes paid, and taxes paid into our FICA social security and medicare that we receive every time we get a paycheck. It can be either sent in the mail or be on-line. It's called our....
Pay stub
I am the form you fill out that shows how much taxes you should pay on your house
Property Tax form
Kari earned a total of $37,892 in one year. She had deductions for a student loan of $3,247, moving expenses of $358.91, and health costs of $11,176.80.
How much will she have in deductions?
Should she take the standard deduction?
$14,782.71 in deductions.
She should take the itemized deduction of $14,782.71 because it is larger than the standard deduction of $13,850.
This is a tax withheld from our paychecks that we later will receive as income to help us live in retirement.
FICA Social Security
This is a Tax that consumers may have to pay if someone leaves them a huge sum of money after they pass away.
Estate Tax
List two things that we don't have to pay Sales taxes on in Minnesota.
Most Food and Clothing that meet our basic needs.
I am the form that you receive if you have earned income from a source other than your employer.
1099 form
What is the Standard deduction amount for single filers for 2023?
$13,850
This is a tax withheld from our paychecks that will later pay for our health care costs in retirement.
FICA Medicare Tax
Federal Taxes are taken out on a national level to help pay for what things? List at least two.
Government building operating costs, national defense, social security, medicare, veterans benefits, government debt
What is the definition of taxes.
a mandatory payment charged to consumers to pay for services and costs for local, state and federal government.
I am the federal tax form a consumer fills out to complete their income taxes and am filed with the IRS.
1040 form
Marginal Tax Rate
Employers and employees each pay 6.2 percent out each of your paychecks towards this tax.
FICA Social Security
What is the difference between a tax deduction and tax credit?
A tax deduction will decrease your taxable income before taxes. A tax credit is a reduction on the taxes you owe after they've been calculated.