Flashcard: Taxes & Credit Scores

Front

The amount of money you pay in federal taxes is based on...

Back

Your tax bracket/income

Front

The amount of money you pay in State taxes is based on...

Back

Your tax bracket/income

Front

The amount of money you pay in FICA taxes is based on...

Back

The fixed percent of 7.65%

Front

Which form tells your employer how much taxes to take from your paycheck? Options: W-2, W-4, 1099, 1040

Back

W-4

Front

What document must your employer send you by January 31st that includes your total earnings and taxes paid? Options: W-2, W-4, 1099, 1040

Back

W-2

Front

To file your taxes, you complete this form. It must be filed by April 15th.

Back

1040

Front

Those who are self-employed complete this form to tell the IRS what your income was for the year.

Back

1099

Front

What is the standard deduction for 2023?

Back

$13,850 for 2023.

Front

Your goal for taxes should be to: Get a tax return, Have to pay in after you file taxes, Break even

Back

Break even

Front

What number is considered a "good" credit score? Options: 390+, 490+, 590+, 690+

Back

690+