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PF unit 7

TermDefinition
What are the 4 common taxes taken out of your paycheck? Federal, state, social security, medicare
What does FICA stand for? Federal Insurance Contributions Act
Gross Pay Before taxes
Net Pay After taxes
Items found on a paystub employee info, wages, tax + deductions, current amounts, YTD amounts, gross +net pay, pay period
W-4 before you start working, tells employer how much tax to take out
I-9 identifies who you are, shows you are eligible to work in the US
W-2 shows income and tax withheld for the year, needed to prepare for tax return
1099 income for they year with no taxes taken out
1040 tax form used to file your income tax return every year
When is tax day? April 15
When is the extension for tax day October 15
IRS Internal Revenue Service
Filing Status defines size of tax bracket
Dependent someone that is financially supported and can be "claimed" on a tax return
Adjusted Gross Income gross income from all sources minus adjustments on the 1040 form
Taxable Income the amount of income used to calculate tax due on the 1040 form
Standard deduction dollar amount that reduces taxable income
Exemption set amount per dependent subtracted from taxable income
Owed Amount amount of tax underpaid for the year
Overpaid Amount amount of tax overpaid for the year
Created by: ajeffery
 

 



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