Vocab Quiz Weeks 7 + 8 (MP3)

1. A tax imposed on individuals or entities in respect of the income or profits earned by them

• FICA Taxes

• 1. Marital Status

• 1. Sales Tax

• 1. Income Tax

1. Federal payroll tax deducted from each paycheck that funds Social Security and Medicare

• 1. FICA Taxes

• 1. Marital Status

• 1. Sales Tax

• 1. Income Tax

1. Shows important information about the income you've earned from your employer. You use this form to file your federal and state taxes

• 1. W-2 Form

• 1. W-4 Form

• 1. W-6 Form

• 1. TurboTax

1. Tells employer your filing status, amount of credits, and amount of deductions to compute the amount of federal income tax to deduct and withhold from the your pay

• 1. W-2 Form

• 1. W-4 Form

• 1. W-6 Form

• 1. TurboTax

1. Your taxable income determines your filing status, which federal tax rates apply to you, and how much in taxes you'll owe that year. This can otherwise be referred to as a…

• 1. Tax Loophole

• 1. Dependent

• 1. Tax Bracket

• Deduction

1. When you file a joint return, your income is combined. Depending on your situation, there could be a tax benefit of being married. This is also referred to as your…

• 1. Tax Bracket

• 1. Marital Status/Filing Status

• 1. Income Tax

• 1. Marriage Tax

1. A person who relies on someone else for financial support (can include children or other relatives). If you claim one or more _____ on your tax return, you may be eligible for certain tax credits.

• 1. Tax Loopholes

• 1. Tax Brackets

• 1. Deductions

• Dependents

1. An amount you subtract from your income when you file so you don't pay tax on it

• Dependent

• 1. Deduction

• 1. Independent Tax

• 1. Credit Score

1. Documentation filed yearly with a tax authority that reports income and calculates tax liability, or request refunds for the overpayment of taxes

• 1. Tax Bracket

• 1. Deduction

• Filing a Tax Return

• Checking your Credit Score

1. A software package for preparation of income tax returns

• 1. TurboTax

• IRS

• Nvidia

• 1. S&P 500