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
A type of tax South Dakota does not have
What is Income 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
What is when you start paying federal taxes from your paycheck?
300
Having an IRS offical reviewing your tax return for one or more years of filing.
What is an AUDIT?
300
Tax based on purchases of goods.
What is a Sales Tax?
300
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.
300
Advantage to e-filing your taxes?
What is shorter processing time and a faster refund?
300
Special Education, SNAP Cards, Medicare, Medicaid, Social Security
What are examples of federal programs that recieve money from federal tax dollars that are collected from paryoll taxes?
400
A government-run insurance program that provides healthcare assistance to elderly and disabled Americans
What is Medicare?
400
What does the revenue from property taxes get allocated for?
What is used by local governments & school districts
400
________________ refers to a number that reduces the amount of income withheld from your pay. Ex: Children represent this term.
What is Allowances (aka Deductions)
400
Which tax form provides the information your employer needs to determine the proper amount to withhold from your paycheck?
What is W-4
400
Who receives the largest part of its revenue from payroll or Income taxes?
What is Federal Government
500
________________ is the law that requires workers and their employers to contribute to Social Security & Medicare.
What is FICA or Federal Insurance Contributions Act
500
Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington and Wyoming have this in common.
What are states with NO state income tax
500
I am a type of voluntary payroll deduction used for retirement.
What is retirement or health insurance?
500
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
500
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.).
600
______________________- expenses you can legally subtract from your income before calculating your taxes
What is Deductions
600
Alcohol - Ciggarettes - Gasoline - Gambling
What is Excise tax aka Sin tax?
600
The Big Three that come out of your pay check
What is FICA (federal income taxes), Social Security, Medicare?
600
- 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
600
*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?
700
In this image the column CURR also stands for this.
What is pay period?
700
One type of tax we have on our cars
Wheel tax, registration, licensing
700
This is what your W-4 is created from
What is income from my job/
700
* 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?
700
One organization that does not pay taxes
What is a church?