Personal Finance

The standard Internal Revenue Service (IRS) form that individuals can use to file their annual income tax returns

• 1040

• 1099

• w4

• w2

The set amount of money, per dependent, you can subtract from your taxable income

• Pay

• Salary

• Exemption

• Income

Tags

CCSS.HSA.SSE.A.1

Taxes paid by employees to federal and state government through a direct deduction from their paycheck

• Sales Tax

• Income Tax

• paycheck

• salary

A government-run insurance program that provides healthcare assistance to low income Americans

• Medicaid

• Medicare

• Tax

• Paycheck

A government-run insurance program that provides healthcare assistance to elderly and disabled Americans

• Medicaid

• Medicare

• Insurance

• Tax

A document attached to every paycheck that details your earnings and the amount withheld for taxes, health insurance, retirement funds, etc.

• salary

• Payroll Tax

• Progressive Tax

• Paycheck Stub

Tags

CCSS.RI.11-12.7

CCSS.RI.8.7

CCSS.RI.9-10.7

CCSS.RL.11-12.7

CCSS.RL.9-10.7

A tax system that uses tax brackets to collect a larger percentage from the income of high-income earners than it does from low-income earners

• Payroll Tax

• Sales Tax

• Progressive Tax

• Income Tax

A federal program that provides monthly benefits to millions of Americans, including retirees, military families, surviving families of deceased workers, and disabled individuals

• Tax

• Income Tax

• Payroll Tax

• Social Security

A standardized dollar amount that reduces your taxable income, specifically for individuals who do not receive additional benefit by itemizing their deductions into medical expenses, donations, etc.

• Pay

• Standard Deduction

• Salary

• Tax

A range of income amounts that are taxed at a particular rate

• Tax Bracket

• Haltom

• You

• Me

Tags

CCSS.6.RP.A.3B