Back to All Flashcards
Card 1 of 12 0%
0Hard
0Learning
0Know It
Question
Loading…
Click to reveal answer
Answer
All 12 Cards
#1
Q: W-2
A: Form showing an employee's wages and taxes withheld
#2
Q: 1099-NEC
A: Form reporting income paid to independent contractors
#3
Q: Standard deduction
A: A fixed amount that reduces taxable income
#4
Q: AGI
A: Adjusted gross income
#5
Q: Tax credit
A: Reduces the tax you owe dollar for dollar
#6
Q: Tax deduction
A: Reduces your taxable income
#7
Q: Marginal tax rate
A: The rate applied to your last dollar of income
#8
Q: Estimated taxes
A: Quarterly payments by self-employed people
#9
Q: EIN
A: Employer identification number
#10
Q: Form 1040
A: The individual income tax return
#11
Q: Withholding
A: Tax taken from each paycheck
#12
Q: IRS
A: Internal Revenue Service
Explore All 125 Free Decks