Vocabulary Understanding the IRS. Vocab W-2 Form Electronic filing Tax Refund Tax liability W-4 Form Federal income tax Social security tax Medicare tax.

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Presentation transcript:

Vocabulary Understanding the IRS

Vocab W-2 Form Electronic filing Tax Refund Tax liability W-4 Form Federal income tax Social security tax Medicare tax 1040 Form

W-2 form Is the form that an employer must send to an employee and the Internal Revenue Service (IRS) at the end of the year. The W-2 form reports an employee's annual wages and the amount of taxes withheld from his or her paycheck

W-4 form W-4 form tells the employer the correct amount of tax to withhold from an employee's paycheck based on the employee's marital status, number of exemptions and dependents and other factors.

1040 and Electronic Filing (E-filing) A 1040 form is the standard Internal Revenue Service (IRS) form that individuals use to file their annual income tax returns. Electronic filing -also known as "efile" or “e- filing”) is the creation, submission, sharing, and accessing of structured digital documents or forms via the Internet. This is different from traditional filing, which involves the filing of physical paper documents.

Tax refund tax refund is the difference between taxes paid and taxes owed. Each year (or each quarter, in some cases) a taxpayer submits a tax return that calculates his or her federal income taxes owed. Tax liability refers to the amount legally owed to a taxing authority as the result of a taxable event.

Federal Income Tax A federal income tax is a tax levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts and other legal entities. Federal income taxes are applied on all forms of earnings that make up a taxpayer's taxable income, such as employment earnings or capital gains

Social Security Tax Social Security tax is the tax levied on both employers and employees used to fund the Social Security program. Social Security tax is usually collected in the form of payroll tax or self- employment tax. This payroll tax is withheld from employees' payroll checks and is also matched by the employer. The employee and the employer each pay the Medicare tax of 1.45% of all wages and salaries.