Tax Forms
Important Tax Dates
Tax Vocabulary
Payroll Deductions
Other
100

The form your employer sends in January to report your annual earned wages

What is W-2?

100

The tax year begins

What is January 1st?

100

The total money you make before any deductions/taxes are taken out

What is gross income?

100
The tax taken out of your paycheck based on the amount of money you make (based on the information in your W-4)

What is federal income tax?

100

If you file an extension, you don't have to pay your taxes by April 15th

What is false? (An extension only gives you more time to file your taxes, you still have to pay your taxes by April 15th)

200

The form you use to tell your employer how much to withhold from your paycheck (also must be filled out every time you get a new job)

What is W-4?

200

Deadline to file your taxes (tax day)

What is April 15th?

200

A mandatory federal tax deducted from your income to fund Social Security and Medicare/Medicaid

What is FICA?

200

The amount of money you take home after all deductions are taken out of your paycheck

What is net pay?

200

How freelancers/self-employed people pay their taxes

What is quarterly? (Freelancers can use the second, third, and fourth quarter deadlines to pay their taxes instead of paying all at once on April 15th)

300
The form that the W-2 provides information for

What is Form 1040?

300

The extended filing deadline for people who requested an extension

What is October 15th?
300
Your employer takes money out of your paycheck to send to the government on your behalf

What is withholding?

300

The taxes used for schools, roads, police departments, and local officials in your area

What is state or local income taxes?
300

Maria is 9 years old and lives with her parents all year round, can her parents claim her as a dependent?

What is yes? (Maria is a child and fully reliant on her parent's financial support)

400

Used to file an annual tax return

What is From 1040?

400

Last chance to claim a refund for a return that was never filed

What is 3 years from the original due date?

400

The range of taxable income that the government taxes at a specific percentage

What is tax bracket?

400

The tax taken out of your paycheck no matter how much you make

What is FICA?

400

James is 21 and a full time graduate student. He lives in the dorms for most of the year but his mom pays his rent and tuition. Can his mom claim him as a dependent?

What is yes? (The key words are 'full time student'. If someone is under the age of 24 and a full time student, the parent can claim them)

500

Used to report unearned income to the IRS, such as investments

What is Form 1099?

500

The second quarter estimated tax payment deadline

What is June 15th?

500

A qualifying child/relative that relies on you for financial support who you can claim on your taxes

What is a dependent?

500

Money for health insurance or retirement funds is always deducted from your paycheck

What is false? (These are voluntary deductions, they depend on the person)

500
Jesse is 22 and not in college. She works two part-time jobs and lives with her boyfriend. Her parents contribute money for some expenses but for the most part, Jesse supports herself. Can her parents claim Jesse as a dependent?
What is no? (While Jesse is younger than 24, she is not a full-time student. And, because she pays for more than half of her own support, her parents cannot claim her.)