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U3 L1 Vocabulary
| Term | Definition |
|---|---|
| taxes | ______________ are fees that the government requires people to pay in order to live and work in their state and the USA. |
| taxpayer | A ______________ is a person who pays taxes to federal, state, county, city, and/or town governments. |
| community | A _______________ is a group of people working together for a common good. |
| wages | _____________ is money you earn from a job or get by another source over a period of time. It includes earned income like wages earned from working and unearned income like interest made on savings. |
| income tax | _________________ is a tax that a person pays on his or her earned and unearned income. |
| earned | _____________ income is money earned from working. |
| unearned | ______________ income is money earned from sources other than working. |
| IRS | The Internal Revenue Service (_________) is a federal agency that is responsible for collecting taxes for the US government. |
| NC | The ______ Department of Revenue is a state agency that is responsible for collecting taxes for the state of North Carolina. |
| W-4 | When you get a job, you will be required to complete a ________ form. This form is usually completed on your first day of work or at an employee training prior to starting work. |
| dependent | A ____________ is a person who relies on another person, usually a family member, for financial support. |
| 15th | You must file your federal and state income taxes by April _________. |
| W-2 | Before completing your federal & state income tax forms, you will need your________ form from your employer. It will show how much money you made and how much you paid in taxes from the previous year. |
| 1040EZ | If you are single, make less than $100,000 per year, have no children, and are younger than 65, you should use the _________ federal tax form. You can obtain this form online from the IRS website or at your local library. |
| D400 | If you live in North Carolina, are single, and earn more than $5,500 per year, you should use the __________ form to file your state income taxes. |
Created by:
ladoraloggins
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