Acronyms & Vocab
Types of Taxes
Pay Stub
Tax Forms & Filing
Tax Miscellaneous
100
SSN
What is Social Security Number
100
When all citizens pay the same % of tax.
What is a Flat Tax?
100
Net income
What is the amount of income your receive AFTER TAXES are taken out?
100
- I am completed every April
- Anyone can use me
- Beware, there is a LOT to fill out
What is form 1040
100
Deadline for employers to mail W-2s to their employees (either by paper or electronically)
What is January 31st.
200
YTD
What is Year To Date?
200
________________ refers to taxes based on business profits.
What is Corporate Tax?
200
Your employer collects payroll taxes by deducting or _________________ your money from your wages. Income taken from your paycheck goes to prepay your federal income tax and social insurance tax.
What is Withholding?
200
I am received in January, There is one of me for every job I work, You can tell how much you earned and how much you paid in taxes by reading me
What is a W-2 Form
200
When you get a full time job or earn more than $15,750 per year.
What is when you start paying federal taxes from your paycheck?
300
IRS
What is Internal Revenue Service?
300
_________________ is a tax placed on revenue earned by individulas. The amount paid is based on a person's total earnings.
What is Income or Payroll Tax?
300
Gross income
What is the amount of income you earn BEFORE TAXES are taken out
300
Date that personal income tax must be filed (unless it falls on a holiday or weekend).
What is April 15th?
300
Top three spending categories of the Federal Government.
What is Health, Military & Interest on debt?
400
Having an IRS offical reviewing your tax return for one or more years of filing.
What is an AUDIT?
400
Tax based on purchases of goods.
What is a Sales Tax?
400
What is one reason the gov't collects taxes out of each paycheck as opposed to sending a bill at the end of the year?
What is: People are more likely to pay their taxes & Spreads out payments to make it more manageable.
400
Advantage to e-filing your taxes?
What is shorter processing time and a faster refund?
400
Federal Aviation Administration, NASA, Pell Grants, Special Education, SNAP Cards, Medicare, Medicaid, State Department are examples of of this.
What are examples of federal programs that recieve money from federal tax dollars that are collected from paryoll taxes?
500
A government-run insurance program that provides healthcare assistance to elderly and disabled Americans
What is Medicare?
500
What does the revenue from property taxes get allocated for?
What is used by local governments & school districts
500
________________ refers to a number that reduces the amount of income withheld from your pay. Ex: Children represent this term.
What is Allowances (aka Deductions)
500
Which tax form provides the information your employer needs to determine the proper amount to withhold from your paycheck?
What is W-4
500
Who receives the largest part of its revenue from payroll or Income taxes?
What is Federal Government
600
________________ is the law that requires workers and their employers to contribute to Social Security & Medicare.
What is FICA or Federal Insurance Contributions Act
600
Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington and Wyoming have this in common.
What are states with NO state income tax
600
I am a type of voluntary payroll deduction used for retirement.
What is 401k?
600
What are the two primary ways you can pay the IRS taxes owed?
Directly with your bank account, or with a debit or credit card
600
Difference between earned and unearned income
What is: Earned, you perform a job and get paid for it whereas unearned is income received through other sources, (investments, gifts, benefits, etc.).
700
______________________- expenses you can legally subtract from your income before calculating your taxes
What is Deductions
700
Alcohol - Ciggarettes - Gasoline - Gambling
What is Excise tax aka Sin tax?
700
- I am received in January
- You get me if you are not an employee but were paid by a company like being an Uber driver
- You probably didn’t get taxes withheld if you got me, so you may have a big tax bill coming up
What is a 1099 Form?
700
- I am received whenever you start a job
- You use me to prove that you are eligible to work in the U.S.
- You must provide forms of identification when submitting me
What is form I-9
700
*having a disability
*not being able to provide for more than half of your financial support
*Qualifying child under 19 yrs of age
*Enrolled in school full-time and under a certain age
What is possible requirements for being considered a dependent?
800
In this image the column CURR also stands for this.
What is pay period?
800
Explain Progressive Tax.
What is The more someone makes, the greater percentage of taxes that will be taken.
800
Difference between federal mandatory and discretionary spending from taxes collected.
Mandatory: required by law (Social Security Medicare)
Discretionary: spending that is left up to the decision of the president and Congress (Federal programs)
800
* Don't have time
* Don't know what to do
* Complicated status or staus change
* Lots of questions
* New tax laws that are confusing
What are reasons to use a professional tax accountant to file your taxes?
800
After 1862
What is when federal taxes were first mandated in the United States to cover expenses from the Civil War?