Unit 7 Paying Taxes Flashcards
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1040 form
1040 form
an IRS tax form used for personal federal income tax returns filed by United States residents. The form calculates the total taxable income of the taxpayer and determines how much is to be paid or refunded by the government.
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accountant
accountant
a person whose job is to keep or inspect financial accounts.
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amount
amount
a quantity of something, especially the total of a thing or things in number, size, value, or extent. “his paycheck amount varies according to the number of hours worked”
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asylum
asylum
the protection granted by a nation to someone who has left their native country as a political refugee. “she applied for asylum and was granted refugee status”
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bedlam
bedlam
a scene of uproar and confusion. “there was bedlam in the courtroom”
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calculate
calculate
determine (the amount or number of something) mathematically. “Japanese land value was calculated at 2.5 times that of the U.S”
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celebrate
celebrate
acknowledge (a significant or happy day or event) with a social gathering or enjoyable activity. “they were celebrating their wedding anniversary at a restaurant”
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check
check
a printed form, used instead of money, to make payments from your bank account. “her pay check for last pay period included four hours of overtime”
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claim
claim
state or assert that something is the case, typically without providing evidence or proof. “he claimed that he came from a wealthy, educated family”
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collect
collect
bring or gather together (things, typically when scattered or widespread). “he went around the office collecting old coffee cups”
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complete
complete
finish making or doing. “he completed his Ph.D. in 1983”
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confused
confused
(of a person) unable to think clearly; bewildered. “she was utterly confused about what had just happened”
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confusing
confusing
bewildering or perplexing. “up on the sidewalks, New York was a confusing bedlam of sights and sounds”
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courthouse
courthouse
a building in which a judicial court is held.
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deduction
deduction
the action of deducting or subtracting something. “the dividend will be paid without deduction of tax”
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dependent
dependent
a person who relies on another, especially a family member, for financial support. “a single man with no dependents”
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do your taxes
do your taxes
documentation filed with a tax authority that reports income, expenses, and other relevant financial information. On tax returns, taxpayers calculate their tax liability, schedule tax payments, or request refunds for the over-payment of taxes. In most places, tax returns must be filed annually.
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employee
employee
a person employed for wages or salary, especially at nonexecutive level.
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employer
employer
a person or organization that employs people. “the National Health Service was the largest employer in Europe”
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federal
federal
relating to or denoting the central government as distinguished from the separate units constituting a federation. “the federal agency that provides legal services to the poor”
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filing jointly
filing jointly
a filing status for married couples that have wed before the end of the tax year. When filing taxes under married filing jointly status, a married couple can record their respective incomes, deductions, credits, and exemptions on the same tax return
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fire fighter (or firefighter)
fire fighter (or firefighter)
a person whose job is to extinguish fires.
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gross income
gross income
for an individual—also known as gross pay when it’s on a paycheck—is the individual’s total pay from his or her employer before taxes or other deductions.
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head of household
head of household
a filing status for individual United States taxpayers. To use the Head of Household filing status, a taxpayer must: Be unmarried or considered unmarried at the end of the year. Have paid more than half the cost of keeping up a home for the tax year.
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health insurance
health insurance
an insurance that covers the whole or a part of the risk of a person incurring medical expenses, spreading the risk over numerous persons.
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husband
husband
a married man considered in relation to his spouse. “she and her husband are both retired”
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infinitive
infinitive
the basic form of a verb, without an inflection binding it to a particular subject or tense (e.g. see in we came to see, let him see ).
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Internal Revenue Service
Internal Revenue Service
a U.S. government agency responsible for the collection of taxes and enforcement of tax laws (such as the wash sale rule). … People colloquially refer to the IRS as the “tax man.”
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IRS
IRS
the Internal Revenue Service is a U.S. government agency responsible for the collection of taxes and enforcement of tax laws (such as the wash sale rule). … People colloquially refer to the IRS as the “tax man.”
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married
married
(of two people) united in marriage. “a married couple”
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military
military
relating to or characteristic of soldiers or armed forces. “both leaders condemned the buildup of military activity”
the armed forces of a country. “as a young man he joined the military and pursued a career in the Army”
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missing
missing
(of a thing) not able to be found because it is not in its expected place. “a quantity of cash has gone missing”
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net income
net income
also called net earnings, is calculated as sales minus cost of goods sold, selling, general and administrative expenses, operating expenses, depreciation, interest, taxes, and other expenses. It is a useful number for investors to assess how much revenue exceeds the expenses of an organization.
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owe
owe
have an obligation to pay or repay (something, especially money) in return for something received. “they have denied they owe money to the company”
owe something, especially money, to (someone). “I owe you for the taxi”
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pay period
pay period
a recurring length of time over which employee time is recorded and paid (e.g., weekly, bi-weekly, semi-monthly, monthly). his last pay period was June 1 through June 15.
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police
police
the civil force of a national or local government, responsible for the prevention and detection of crime and the maintenance of public order.
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refund
refund
a repayment of a sum of money, possibly to a dissatisfied customer. “you are entitled to reject it and insist on a refund”
a tax refund or tax rebate is a payment to the taxpayer when the taxpayer pays more tax than they owe.
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single
single
unmarried or not involved in a stable sexual relationship. “a single mother”
for federal taxes, this filing status is used by a taxpayer who is unmarried and does not qualify for any other filing status.
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spouse
spouse
a husband or wife, considered in relation to their partner.
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state
state
a nation or territory considered as an organized political community under one government. “the state of Florida”
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story
story
an account of past events in someone’s life or in the evolution of something. “the story of modern farming”
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stub
stub
a piece of paper that is given to an employee with each paycheck and that shows the amount of money that the employee earned and the amount that was removed for taxes, insurance costs, etc.
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support
support
give assistance to, especially financially; enable to function or act. “the government gives $2.5 billion a year to support the activities of the voluntary sector”
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system
system
a set of principles or procedures according to which something is done; an organized scheme or method. “a multiparty system of government”
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tax
tax
a compulsory contribution to federal (or state or county or city) revenue, levied by the government on workers’ income and business profits, or added to the cost of some goods, services, and transactions.
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taxes
taxes
a compulsory contribution to state revenue, levied by the government on workers’ income and business profits, or added to the cost of some goods, services, and transactions.
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W-2 form
W-2 form
also known as the Wage and Tax Statement, is the document an employer is required to send to each employee and to the Internal Revenue Service (IRS) at the end of the year.
a W-2 reports the employee’s annual wages and the amount of taxes withheld from their paychecks.
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W-4
W-4
an Internal Revenue Service tax form completed by an employee in the United States to indicate his or her tax situation to the employer.
the W-4 form tells the employer the correct amount of tax to withhold from an employee’s paycheck.
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welfare
welfare
government-sponsored assistance programs for individuals and families in need, including programs as health care assistance, food stamps, and unemployment compensation.
welfare programs are typically funded through taxation.
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wife
wife
a married woman considered in relation to her spouse.
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withheld
withheld
(of an employer) deducted (tax) from an employee’s paycheck and send it directly to the government.
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withhold
withhold
(of an employer) deduct (tax) from an employee’s paycheck and send it directly to the government.
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withholdings
withholdings
the portion of an employee’s wages that is not included in his or her paycheck but is instead remitted directly to the federal, state, or local tax authorities.
withholding reduces the amount of tax employees must pay when they submit their annual tax returns.
