Federal Income Tax

In your own words, what is net income?

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.3

CCSS.RI.9-10.3

CCSS.RI.9-10.5

What is gross income?

• The amount of money you get in your bank account

• The amount of money you earn

• Your taxable wages

• The total amount of money you have

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

What is a withholding?

• money the government withholds from your paycheck

• money you subtract from your taxable income to lower the amount of taxes you owe

• a person who depends on you financially

• money your employer withholds from your paycheck to pay taxes on your behalf

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.5

CCSS.RI.9-10.3

CCSS.RI.9-10.5

What is a deduction?

• money the government withholds from your paycheck

• money you subtract from your taxable income to lower the amount of taxes you owe

• a person who depends on you financially

• money your employer withholds from your paycheck to pay taxes on your behalf

Tags

CCSS.7.RP.A.3

Which of the following is NOT an example of a deduction (or write-off)?

• home mortgage interest

• charitable contributions

• state & local taxes

• political contributions

To find your annual tax withheld, you multiply your taxable income by ______

Tags

CCSS.7.RP.A.3

What form lets your employer know how much tax to withhold from your paycheck?

• W-4

• W-2

• IRS

• K-9

What form do you need to file your taxes?

• W-4

• W-2

• IRS

• K-9

What kind of tax is federal income tax?

• regressive tax

• progressive tax bracket

• flat tax

• direct tax

Why is it important to have the right amount of tax withheld from your paycheck?