Basics of Taxes
What is a taxpayer?
The tax form that is completed by a new employee to share payroll withholding info.
What is a W-4?
The name of income before taxes and other deductions have been taken out.
What is gross income?
The name of the formal request for payment if the insured person has an accident, illness, or injury.
What is a claim?
The type of tax that is owed on earned money from a job AND unearned money like savings interest
What is income tax?
The federal agency responsible for tax collection and tax law.
What is the IRS (Internal Revenue Service)?
The title of income after taxes and other deductions have been taken out.
What is net income?
The term that means the chance of uncontrolled loss.
What is risk?
What is: payroll taxes are only paid on earned income, while income taxes are paid on earned and unearned income?
An example of a community resource funded by taxes.
What are: roads, schools, libraries, military, others
The tax form prepared by an employer to communicate an employee's annual earnings for taxes.
What is the W-2?
When reading a paystub, this is what YTD stands for.
What is Year To Date?
Money paid to purchase an insurance policy.
What is a premium?
Title of the form taxpayers use to file their annual income tax.
What is a form 1040?
The type of tax that funds Social Security and Medicare.
What is payroll [or] FICA tax?
The tax form in which independent contractors + self-employed individuals need to complete.
What is the 1099 form?
The two programs that make up the FICA tax on a paystub.
What are Social Security and Medicare?
Out-of-pocket money paid by the policyholder before an insurance company will cover the remaining costs.
What is a deductible?
The name of the tax form used to declare profits, losses, deductions, and credits of a business partnership for tax filing purposes.
What is a form 1065?
The fee paid to license a car is this type of tax.
What is property tax?
The number of steps an employee needs to complete on a W-4 form.
What is 5?
Offered by employers, this is the title for most other deductions (insurance, savings, etc.) from a paycheck besides taxes.
What are benefits?
What is a beneficiary?
What is form 1098-T?