Financial Management - Taxes Hopewell
Paid tax Preparers
option for filing your fed. tax return
You get $8.00 an hour working as a cashier. you worked 40 hours. Whats the gross pay?
$320
Internal Revenue Service (IRS)
A federal agency that is responsible for collecting taxes for the US federal government.
W-4
A form completed by an employee to indicate his or her tax situation (exemptions, status, etc.) to the employer.
Medicare
A government-run insurance program that provides healthcare assistance to elderly Americans.
Medicaid
A government-run insurance program that provides healthcare assistance to poor Americans.
Community
A group of people working together for a common good.
Taxpayer
A person who pays taxes to federal, state, county, city, and/or town governments.
Social Security
A program that provides monthly benefits to almost 60 million Americans, including retirees, military families, surviving families of deceased workers, and disabled individuals.
NC Department of Revenue (NCDOR)
A state agency that is responsible for collecting taxes for the state of North Carolina.
E-File is:
A way to file income tax online
January 31st.
Before completing your tax form, you will need your W-2 form from your employer. You should receive this form before...
Taxes
Fees that the government requires people to pay in order to live and work in their state and the USA.
D-400
Form used to file State income tax if you're single and earn more than $5,500
W2
Form will show how much money you made and how much you paid in taxes from the previous year.
________ is the amount of money earned during a pay period before deductions.
Gross pay
___ is money you earn from a job or get by another source over a period of time.
Income
Unearned Income
Money earned from sources other than working.
Earned Income
Money earned from working.
The amount of money left after all deductions have been taken from gross pay is called _____.
Net Pay
Overtime pay
Pay for work beyond 40 hours in a work week is called ______ _____.
_____ is the length of time for which an employee's wages are calculated.
Pay period
E-Filers are issued this to "sign" their tax return electronically:
Personal Identification Number
fixed amount of money paid to workers for each item satisfactorily produced is a __________.
Piece rate
Library & IRS Website
Places where i can obtain a 1040EZ form
Dependent
Someone you financially support who can be "claimed" on a tax return to reduce your taxable income and lower your taxes. There are specific rules governing who qualifies, but generally they fall into two categories: a child or a relative.
Deducted from person's paycheck by NC gov't to pay for services like public schools & parks.
State Income Tax
offers free tax help for all taxpayer senior citizens
TCE Tax Counseling for the Elderly
Deductions are monies ____.
Taken from your gross pay.
Income Tax
Taxes paid by employees to federal and state government. Collected or withheld from one's paycheck.
FICA
The federal program that assists older Americans with insurance and income is called ______.
1040
The standard Internal Revenue Service (IRS) form that individuals use to file their annual income tax returns.
A want
Things we don't need to survive
Where can you get free help filing your federal taxes?
VITA Volunteer income tax assistance
April 15th.
You must file your federal and state income taxes by...
Total Income Tax
You must pay federal and state income tax each year! Our federal income tax + state income tax owed.
Production Rate
_______ is the number of items produced in a given amount of time
Examples of needs
shelter, clothes, or food
