how to do
what is your paycheck?
these are options for individuals to use to file taxes/returns.
what is IRS Free File, TurboTax, and CPA?
these types of deductions are specific expenses that individuals can deduct from their taxable income if they exceed the standard deduction.
what are itemized deductions?
these groups pay taxes.
who are individuals, households, or businesses?
the document that details how much money was earned and deductions from it.
what is a pay stub?
you should claim this amount of dependents to get the maximum amount taken out of your paycheck.
what is zero?
this is a tax return filing form.
what is a 1040?
a fixed amount that can be subtracted from taxable income without itemizing specific deductions.
what is the standard deduction?
this is how one determines income tax.
what is individual income?
the total amount paid before deductions.
what is gross pay?
you can use these payment methods if you owe money to the IRS.
what is a bank account, debit/credit card, or payment plan?
this happens when you paid the government too much and you need a tax refund.
what is too much of your income is withheld?
an example of this deduction would be office supplies or utilities.
what are business expenses?
the government bureaucracy that focuses on federal taxes.
what is the IRS?
the take-home pay after deductions and taxes.
what is net pay?
you need these forms to file your taxes.
what are W-2, 1099, and/or 1098-T?
the cost of a cpa on average/cost of the full service option on turbotax, but is money paid for higher quality/difficulty work.
what is $200-500?
this retirement account allows individuals to make tax-deductible contributions and enjoy tax-deferred growth until withdrawal.
what is a traditional IRA?
taxes based on salary and wages.
what are individual income taxes?
the term covering the beginning of the year to the present.
what is the year to date?
you need these forms to file your taxes by hand.
what are Forms 1040 and 1040-SR?
the income level maximum to qualify for IRS free file.
what is $73k?
these types of tax benefits directly reduce the amount of tax owed, such as the Child Tax Credit or the Earned Income Tax Credit.
what are tax credits?
the tax that goes to medicare.
what is payroll taxes?
the taxes for social security and medicare.
what are fica taxes?