Income and Tax Flashcard

Front

Which of the following is not a form of earned income? wages, commissions, rental income, salaries

Back

rental income

Front

Eligible workers who work more than ______ hours per week must receive overtime pay at least _____ times their regular hourly rate.

Back

40, 2

Front

Income paid as a percentage of sales made by salesperson is a ______.

Back

commission

Front

Income earned by workers who are self-employed is called ______.

Back

entrepreneurial income

Front

The Employee’s Withholding Certificate is a federal tax form that is also called the ______.

Back

Form W-4

Front

A(n) ______ is a report containing information used to calculate taxes owed by the taxpayer.

Back

tax return

Front

What is the amount on which taxes are calculated?

Back

taxable income

Front

The _____ is a dollar amount that non-itemizers may subtract from their income before income tax is applied.

Back

standard deduction

Front

The amount of total tax owed on income for the year is known as a _____.

Back

tax liability

Front

What is the first item you will need to complete on a Form 1040?

Back

Personal information