Unit 2 - Earning and Reporting Income Terms

Front

Which form reports all employment income and is included with your 1040 tax form?

Back

Form W-2

Front

Interest earned from banks and savings accounts is reported on which form?

Back

1099 INT

Front

Money paid to stockholders in return for their investments is reported on which form?

Back

1099 DIV

Front

A person claimed as a dependent on a tax return is known as a(n) ________.

Back

Exemption

Front

What is the form used to determine how much tax should be withheld from your paycheck?

Back

Form W-4

Front

Expenses you can subtract from adjusted gross income to determine your taxable income are called ________.

Back

Itemized deductions

Front

What is the term for a form that reports interest earned from banks?

Back

1099 INT

Front

Which form is used to report all employment income?

Back

Form W-2

Front

What is Medicare Tax?

Back

A tax for medical care for retired persons

Front

Net pay is also known as ______.

Back

Take home pay