Careers and Taxes Dave Ramsey Ch. 10 Flashcard

Front

What are some potential consequences of not paying taxes on time?

Back

Penalties, interest, and legal action

Front

What are some common deductions that can be claimed on a tax return?

Back

Mortgage interest, charitable contributions, medical expenses, and certain business expenses

Front

What are some key factors to consider when choosing a career path?

Back

Personal interests, skills, values, job market demand, potential for growth, and work-life balance

Front

What is the purpose of Form W-2?

Back

To report wages, tips, and other compensation paid to employees as well as taxes withheld from their paychecks.

Front

What is the purpose of filing a tax return?

Back

To report income, claim deductions and credits, and calculate the amount of tax owed or refund due.

Front

The deadline for filing your federal tax return each year is ________.

Back

April 15

Front

What is income tax?

Back

A tax imposed on individuals or entities that varies with their respective income or profits. The more you make, the more they take.

Front

What are tax deductions?

Back

Expenses that can be subtracted from taxable income.

Front

Which form is used to file income tax?

Back

Form 1040

Front

Federal income taxes, state income taxes, and Social Security withholdings are all ________.

Back

payroll taxes