“Form Frenzy”
This form is used to report your total income and calculate how much you owe or get back.
What is a 1040?
The total amount of money you earn before anything is taken out.
What is gross income?
This is the agency that collects taxes and runs the show.
What is the IRS?
This person depends on you for financial support.
What is a dependent?
This form of income isn’t from a job—maybe it’s from a bank or stocks.
What is unearned income?
You get this from your job in January to see how much you earned and what was withheld.
What is a W-2?
The money you actually take home after taxes and deductions.
What is net income?
You might get one of these if the IRS wants to check your return.
What is an audit?
This describes your household situation on your tax return.
What is filing status?
If you're an influencer earning brand deals, you might get this form.
What is a 1099-NEC?
This form tells your boss how much to withhold from your paycheck.
What is a W-4?
The type of income that determines how much tax you pay.
What is taxable income?
This is what you get if you paid more tax than you owed.
What is a refund?
This used to reduce taxable income per person, but was removed in 2018.
What is an exemption?
What does IRS stand for?
What is Internal Revenue Service?
You’ll get this form if you’re a freelancer or gig worker making over $600.
What is a 1099?
The term for money set aside from each paycheck to cover taxes.
What is withholding?
This reduces the exact amount of tax you owe, dollar for dollar
What is a tax credit?
A common filing status for an unmarried taxpayer with kids.
What is head of household?
The time of year you file your taxes.
What is tax season?
This form tells the IRS you were paid interest by a bank.
What is a 1099-INT?
This group of taxes covers Social Security and Medicare.
What is payroll tax?
This reduces your taxable income based on certain expenses.
What is a deduction?
True or False: Married people must file jointly.
What is false? (They can file separately too.)
This tax is paid by freelancers to cover Social Security and Medicare.
What is self-employment tax?