What tax document is this?
This is the document you fill out when you start a job, that tells your employer how much to withhold in taxes
W4
Your total income before any deductions are taken out is called your ________________.
Gross Pay
Jacob Joyce is 16 years old and made $12,000 at Market Basket throughout the year. Does he need to file a tax return?
No because he makes less than $14,600
If a person establishes an LLC (sole member), what is their default tax classification?
Disregarded entity
This tax document tells you how much you have made for the year and how much was withheld in taxes
W2
Your total income after deductions are taken out is called your ____________.
Net Pay
Sawyer made $15,000 at the House of Hot Sauce and is 17 years old. Does he have to file a tax return?
Yes because he makes more than $14,600
Default tax status if you file as a for-profit corporation
C-Corp
This tax document tells you how much you have made through the year when you are an independent contractor
1099
Which of the following deductions is not a tax?
Medicaid
Social Security
Federal
Health Insurance
Health Insurance
Haylie is 14 years old and has an unearned income of $500. Does she have to file a tax return?
No because her unearned income is less than $2,600
Default tax status for a multi-member LLC?
Partnership
This is the form you fill out using the information from your W2. This form tells you how much your tax return will be or if you owe money to the IRS.
1040
When do you have to start paying income taxes?
When you make more than the minimum income requirement
Owen is 13 and made $3,000 last year. He claimed exempt on his W4 when he started his job. Would he have taxes withheld?
No, since he claimed exempt he has not been paying taxes
What series form does a not-for-profit entity file?
Form 990
You fill out this form to prove that you are a US citizen or that you have a permit to work in the U.S
I9
What does YTD mean?
Year to Date
If you overpaid your taxes and the government owes you money, it is called a ____________.
Refund
Tax classification that establishes a passthrough entity whose income is not subject to self-employment tax.
S-Corp