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Personal Finance - Taxes
Terms in this set (13)
Given to employees by January 31st; summarizes an employee's earnings and tax withholdings for the year
Employees fill this out when they start a new job. It determines how much money to withhold from their check for taxes.
the standard Internal Revenue Service (IRS) form that taxpayers use to file their annual income tax returns
money taken directly out of your gross income before your employer pays your take-home salary. Savings for taxes.
a person who relies on another for financial support
reduction or elimination of amount taxed
Money you get back after taxes if more money was withheld than owed.
FICA (Federal Insurance Contribution Act) tax goes towards:
mandatory spending including social security and Medicare
Federal Tax goes towards:
discretionary spending including roads, parks, government employee salaries, military, corrections
money taken from paycheck for taxes and other benefits such as health insurance & retirement
money earned before taxes are taken out
Gross pay - deductions and withholding
used to report self-employed income received
THIS SET IS OFTEN IN FOLDERS WITH...
Personal Finance - Insurance
Personal Finance - Investing
Unit 4 - Retirement Planning/ Passive Income
Unit 1 - Goals, Spending/Savings, Debt
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