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25 Cards in this Set
- Front
- Back
- 3rd side (hint)
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W4 form
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employees withholding allowance certificate
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withholding tax
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money deducted from paycheck for income taxes
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withholding $
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federal income tax return
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form used to report earned income, taxes paid, and refund or pay more
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3 federal tax forms
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1040, 1040 EZ, 1040A
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W2 form
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summary of your earnings and deductions for each calendar year
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gross income
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total income in a year
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adjustments to income
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subtractions from gross income
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adjusted gross income =
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gross income- adjustments to income
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taxable income
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adjusted gross income - deductions and exemptions
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deductions
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expenses that reduce your taxable income
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deduct
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standard deduction
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fixed amount per person& or married couple deducted
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exemption
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amount of income per person& free from tax
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refund
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overpaid incometaxes
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balance due
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did not pay in enough taxes
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earned income
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money you physically worked for
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unearned income
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money earned that you did not work for
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flat tax
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fixed or same rate for everyone no matter how much you earn
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graduated tax
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tax rates increase as your income increases
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VA tax form due
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May 1
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VA tax for?
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760
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Federal tax return due
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April 15
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employer should send W2 by
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January 31 each year
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unearned income examples
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savings accoun interest, dividends, rent from owned property
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gross income examples
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wages, salaries, bonuses, tips, interest, dividends,stocks profits
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adjusted income examples
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business loss, alimony, retirement payments
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