Sources of Income
Definition of Income
Money an individual or business earns or receives as the result of economic activity
Tax applied to the income generated by an individual or business
Income Tax
Taxes that fund public services like schools, roads, and emergency medical services
Property Tax
Deadline for employers to deliver form W-2
1/31
Years of Marriage
19years
Example of earned income
Wages from a job
FICA stands for
Federal Insurance Contributions Act
Payroll deductions
Amounts withheld from an employee's total earnings
Adjusted Gros Income
To report income, claim deductions and credits, and settle taxes owed or refunded.
Number of Children
3
Overtime pay is calculated according to the Fair Labor Standards
50% of more than an employee's normal wages
Tax collected at the point of sale
Sale tax
Another term for total earnings
Gross pay
Report interest income from bank
1099-Int
Number of grandchildren
2 girls
Commission that is commission based
Earned income
progressive tax system is
A tax system where tax rates increase as income increases
Voluntary Deduction are
Retirement plan contributions
Tax filing deadline
April 15
Before Teaching
20years in Banking
Income primarily received from the government programs
Transfer payments
What country has a progressive tax system
United States of America
Example of pre-tax deduction
Health insurance premiums
Extended Deadline date
Oct. 15
DOB
1/22