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28 Cards in this Set

  • Front
  • Back
people that support you financially
your dependents
the simplest of tax forms
most people qualify to use
1040EZ
half of this comes from you and half from your employer
medicare and social security taxes
busy time for tax preparers
every April
the amount you receive after withholdings are subtracted from your gross pay
net income
it is more beneficial to save your money ___than to let the government withhold more taxes
in a bank
purpose of withholding
to prepay your federal income and social security taxes
amount earned before taxes are withheld
gross income
form filled out by employee providing information needed to determine the proper amount to withhold from your paycheck
form W-4
number that reduces the amount of money withheld from your pay
allowances
roads, schools, national defense are considered to be
public goods
if your withheld tax is more than your tax liability ...
you get a refund
if your tax withheld is less than your tax liability...
than you owe the IRS
two catagories of payroll taxes
income and social insurance
S.S. is only paid on the first ___
you make each year
87,000
taxes based on the payroll of a business
payroll taxes
the two taxes included in FICA
social security
and
medicare
IRS
Illinois Revenue Service
FICA
Federal Insurance Contributions Act
3 ways to avoid paying a large sum of taxes at the end of the year
*sending extra tax payments to the IRS
*claiming fewer allowances
*specifying an extra amount to be withheld from each check on your W-4
tax deadline
April 15
3 ways to classify taxes
*their principles
*the share of income they take
*how they are collected
things local and state govt. provide to us
*building and maintaining local roads
*building and staffing public schools
*operating police and fire services
*building and operating state colleges and universities
cont'd
*supporting hospitals and other medical facilities
*maintaining a criminal justice system
*constructing and operating sewage treatment plants
*operating unemployment programs
qualifications to file a 1040EZ
*single, or married filing jointly with spouse
*no dependents
*you and spouse under age 65
*taxable income less than 50,000 for the year
cont'd
*earned no more than 400. int.
*neither you or spouse is blind
*only income came from wages, int, tips, scholarships, unemployment
sin taxes
taxes placed on goods that are harmful to your health-but legal
examples of sin taxes
*tobacco
*alcohol