Income Taxes

Question 1

Cafeteria Plan

Answer 1

Pre-tax wages held back for the purpose of payment of medical needs, childcare, parental care, and non-reimbursed medical insurance expenses.

Question 2

Dependent

Answer 2

A person reported on a taxpayer’s income tax form that a taxpayer supports financially.

Question 3

Form 1040

Answer 3

Basic Internal Revenue Service tax form that everyone files

Question 4

Form 1099

Answer 4

A statement that reports all non-employee compensation for a tax year. Some examples of this compensation includes income from interest on bank accounts, stocks and royalties.

Question 5

Form W-2

Answer 5

A statement listing annual wages and all withholding data for a tax year.

Question 6

Form W-4

Answer 6

Form an employee fills out to indicate filing status and number of exemptions. Employers use it to withhold the required deductions that they will send to the appropriate government agencies.

Question 7

Head of Household

Answer 7

An unmarried taxpayer who supports additional people.

Question 8

Income Taxes

Answer 8

A tax collected based on a person’s taxable earnings.

Question 9

IRS

Answer 9

A bureau of the Department of Treasury tasked with the enforcement of income tax laws and overseeing the collection of federal income taxes.

Question 10

Married Filing Jointly

Answer 10

A person and their spouse file one tax return together.

Question 11

Married Filing Separately

Answer 11

Married people who file two separate returns.

Question 12

Single

Answer 12

Unmarried taxpayer.

Question 13

Tax Tables

Answer 13

You find these in a booklet where you cross reference your taxable income and your filing status.

Question 14

Tax-Deferred Contributions

Answer 14

Money placed in a qualified retirement account in which taxes are deferred until a person makes a withdrawal on the account.