Federal Income Tax

In your own words, what is net income?

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.5

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.9-10.7

CCSS.RL.11-12.7

CCSS.RL.8.7

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 (a)  

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?