tax forms
The form you receive from your employer every January showing your total earnings and taxes withheld for the year.
In most standard tax years, this month and day serves as the official deadline to file individual income tax returns.
What is April 15th?
Money you receive back from the government when you paid more tax throughout the year than you actually owed.
What is a tax refund?
FICA taxes withheld from your paycheck fund these two federal programs: retirement security and senior medical insurance.
What are Social Security and Medicare?
Filing an extension gives you more time to submit your paperwork, but it does NOT give you extra time for this.
What is paying the taxes owed?
the form you fill out when starting a new job to tell your employer how much tax to withhold from your paycheck.
what is a W-4
Employers must send out W-2 and 1099 forms to workers by this date at the end of the first month of the year.
What is January 31st?
An official check or audit of your financial accounts and tax returns by the IRS to verify accuracy.
What is an audit?
The total amount of money you earn before any deductions, taxes, or withholdings are taken out.
What is Gross Pay?
IRS Form 4868 is used to request an automatic extension of time to file your tax return by this many months.
What is 6 months?
The standard individual income tax return form that almost all U.S. taxpayers use to file annual taxes.
what is 1040 form
If you receive an extension on your tax return, this is the final fall date your return is due.
What is October 15th?
Expenses that lower your gross income before tax is calculated, reducing your overall taxable income.
What are tax deductions?
The final amount of money you actually take home on your paycheck after all tax withholdings and deductions.
What is Net Pay (or Take-Home Pay)?
People who work for themselves rather than an employer must pay this tax, which covers both employee and employer FICA portions.
What is Self-Employment Tax?
If you are hired as a regular employee, you fill out this form on your first day of work.
What is a W-4?
Self-employed individuals make estimated quarterly tax payments in April, June, September, and this month.
What is January?
This directly reduces the total tax you owe dollar-for-dollar, making it better than a simple deduction.
What is a tax credit?
Social Security tax takes a set percentage from your check, and this group is required to match that exact amount for you.
Who is your employer?
Instead of working for a company, people who work for themselves have to pay this type of tax.
What is Self-Employment Tax?
If you don't receive your W-2 by early February, this is the official government agency you should contact for help.
What is the IRS
The official start date when the IRS actually begins accepting and processing individual electronic tax returns usually falls in this month.
What is January?
The basic, flat amount of income you can automatically subtract from your earnings so it isn't taxed.
What is the Standard Deduction?
Putting money into this work retirement plan before taxes are taken out lowers the total income you get taxed on today.
What is a 401(k)?
Teenagers and college students who are claimed on their parents' tax returns are called this.
what is a dependent?