Semester 1 Exam Review pt. 1

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

• 1040

• 1099

• Tax Return

• Dependent

A form that details all "non-employee" compensation, including for specific jobs like freelancers or contractors

• 1040

• 1099

• Tax Return

• Tax Refund

Someone you financially support who can be "claimed" on a tax return to reduce your taxable income and lower your taxes

• Tax Credit

• Exemption

• Audit

• Dependent

A federal law that requires an employer to withhold taxes from the wages they pay their employees; the funds go toward Social Security and Medicare

• Tax Bracket

• Income Tax

• FICA

• Exemption

A category that defines the type of tax return an individual will use, primarily based on marital status; it also determines the size of your tax brackets and how much of your income is taxed at each rate

• Social Security

• Filing Status

• Dependent

• FICA

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

• Medicare

• Medicaid

• Social Security

• FICA

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

• Medicaid

• Medicare

• FICA

• Social Security

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

• Medicaid

• Medicare

• Social Security

• FICA

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.

• Tax Bracket

• Tax Credit

• Standard Deduction

• Exemption

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

• Tax Return

• Tax Refund

• Tax Credit

• Tax Bracket