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HRB Tax class
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HRB Tax class
1. Ch 1: Earned Income
Answer: Any income (wages/salary) that is generated by working.
- Social security
Answer: A federal insurance program funded by taxpayer dollars that provide benefits to
people who are retired, unemployed, or disabled: 6.2% of income.
- income tax
Answer: Taxes paid out by anyone who earns an income.
- federal income tax
Answer: Used to support government programs such as military defense and public services.
- state income tax
Answer: Used to support protection, roads and social services.
- Form W-4 (Employee's Withholding Allowance Certificate)
Answer: A federal tax form filled out by an employee to indicate the amount that should be withheld from his/her paycheck for taxes.
- tax liability
Answer: Total amount of taxes that you owe
- tax evasion
Answer: Willful failure to pay taxes.
- tax audit
Answer: An examination of an individual's tax returns by the IRS to verify income and deductions are accurate.
- Form W-2 (Wage & Tax Statement)
Answer: Summary of the income you earned during the year and all amounts the employer withheld for taxes.
- Medicare
Answer: Federal health insurance program for people who are 65 or older and certain younger people with disabilities.
- excise tax
Answer: Tax on specific goods such as gas, air fare and cell service
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