Earning & Reporting Income Mini-Flashcard

Front

What is tax?

Back

Money taken from your pay to give to the government

Front

What is net pay?

Back

The amount of your paycheck after taxes are taken out

Front

What is gross earnings?

Back

The total amount of wages on your paycheck

Front

Required payments to a government

Back

Taxes

Front

David's gross income: $127.25
David's deductions: $25.20
David's net pay: ?

Back

$102.05

Front

What is this form? Options: w2, w4, 1040, 1040ez

Back

w2

Front

This form states the amount of money earned and taxes paid throughout the previous year. People use it to complete income tax forms for the IRS.

Back

W2

Front

Which programs use tax money? Options: military, education, welfare, all of the above

Back

all of the above

Front

The government agency in charge of collecting tax.

Back

IRS

Front

Which of the following is an example of a federal tax return? Options: Form 1040, W-2, W-4, Form 10-K

Back

Form 1040