Taxes Gov’tForms Deductions

Taxes 100pts Income Taxes You pay on income you receive Varies on financial and family situation You are responsible for calculating!

Taxes 200 pts Gross Income Income before taxes

Taxes 300 pts Direct Taxes Federal Income taxes Property taxes

Taxes 400 pts Indirect Taxes Someone else pays Businesses – sales taxes

Taxes 500 pts Payroll Taxes Based on earnings Paid to government by you and employer

Gov’t 100 pts Progressive Taxes Federal income tax is an example of

Gov’t 200 pts Regressive Taxes Sales Tax is an example of

Gov’t 300 pts Proportional Taxes Same share of all people’s income

Gov’t 400 pts FICA This Act mandates the amount of $ withheld from your check

Gov’t 500 pts Withholding Money taken from paycheck and paid to the state or federal government

Forms 100 pts W4 Form that the employer uses to know what the withholding allowance will be for each employee You are responsible for proper withholdings

Forms 200 pts W2 Amount of your tax withheld can be found on here Employer must send you the form by Jan 31 st for the previous year

Forms 300 pts 1099 INT Interest Income Form

Forms 400 pts 1040-EZ Form you use if your taxable income is less than $100,000

Forms 500 pts less If you claim zero, you will get ___________ in your take home pay

Deductions 100 pts 4.2% Social Security Tax can be ____% of your income

Deductions 200 pts 1.45% Medicare can be ____% of your income

Deductions 300 pts Withholding too much can result in a ________ REFUND

Deductions 400 pts You paying the gov’t Withholding too little can result in a ________

Deductions 500 pts Number that reduces the amount of money withheld from your pay Allowances