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18 Cards in this Set
- Front
- Back
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The people whom you support such as children are your?
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Dependents
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Most young people use which tax form?
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1040EZ
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If you forget to sign your tax return , what happens?
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They will send it back to you and it will take longer to get your money
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What is your gross income?
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The amount you earn before taxes are withheld
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What form helps employers know how much to withhold from your pay?
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Form w-4
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Is it better to have too much taken out of your check and get a big refund or have less taken out and keep the money in the bank?
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Take less out so you can build up interest
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What is a set of forms that taxpayers use to calculate their tax obligation called?
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Tax returns
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What taxes are withheld from your check ?
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State and federal income and social security and Medicare
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What form does the bank send you that provides information about interest earned?
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1099-INT
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What is adjustable gross income ?
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All the tips wages and interest you earn and anything you've payed taxes on
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What is taxable income?
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Adjusted gross income - deductions
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Amounts you can subtract from your income on your tax return that you do not pay taxes on are called what?
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Deductions
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What form gives you a summary of your earnings and taxes withheld for the year?
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W-2
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What are exemptions?
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An exemption for everyone you support
It reduced your taxable income |
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If more tax is withheld from your pay that what you owe , you will?
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Get a refund
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If less tax is withheld from your pay than what you owe , you will?
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Owe money
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How does the government identify you?
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Social security number
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What is the federal agency that collects and monitors income tax?
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IRS
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