Paycheck & Taxes

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26 Terms

1
1040
The U.S. Individual Income Tax Return form used to report annual income and calculate federal income tax liability.
2
1099
A series of IRS tax forms used to report various types of non-employee income, such as income from freelance work.
3
Capital Gains Tax
Imposed on profits from investments and sale of real estate properties.
4
Deductions
Amounts subtracted from gross pay, including taxes and insurance premiums.
5
Dependent
Someone you financially support who can be claimed on a tax return to reduce taxable income.
6
Earned Income
Any income generated by working.
7
Federal Insurance Contributions Act (FICA)
A federal law that requires employers to withhold taxes for Social Security and Medicare.
8
Filing Status
A category that defines the type of tax return based on marital status.
9
Gross Pay
The total amount of earnings before deductions.
10
I-9
Form used by an employer to verify an employee's identity for employment eligibility.
11
Income Tax
Taxes paid by employees to federal and state government through direct deduction.
12
Inheritance / Estate Taxes
Paid on the transfer of properties from a deceased person to their heirs.
13
Medicare
A federal health insurance program for people who are 65 or older and certain younger people.
14
Net Pay
The amount of earnings remaining after all deductions; also known as 'take-home pay.'
15
Pay Period
Recurring time frame for tracking work hours and calculating wages.
16
Paycheck Stub
A document detailing earnings and withholdings attached to every paycheck.
17
Payroll Tax
Federal and state taxes that employers must pay, based on a percentage of employee's salary.
18
Property Tax
Levied upon real estate or personal properties; a government income source.
19
Sales Tax
Commonly used by states and local governments to raise revenue.
20
Sin Tax
Levied upon luxury goods or 'vice' items.
21
Social Security
A federal program providing monthly benefits to retirees and disabled individuals.
22
Tax Refund
An amount returned to a taxpayer who has overpaid taxes.
23
Taxes
Mandatory contributions levied by governments to fund public services.
24
W-2
A form reporting employee's annual wages and taxes withheld from their paycheck.
25
W-4
A form indicating an employee's tax situation to determine tax withholding.
26
Withholding
The portion of wages not included in paycheck because it goes to taxes.