Wk 28: EOL Exit Ticket 9.2, 9.3, & 9.4

Infrastructure and housing assistance

Environmental protection and transportation

National defense and education

Social Security and Medicare

Gross income

Withheld earnings

Net pay

Taxable income

It consists of spending that Congress must approve annually, such as funding for education and defense.

It refers to tax breaks and subsidies that automatically adjust based on economic conditions

It is required by law and primarily funds entitlement programs like Social Security and Medicare.

It includes expenses that the government must pay, such as interest on the national debt.

W-2 Form

1040 Form

1099 Form

W-4 Form

December

October

September

June

It is required to verify your employment eligibility in the United States.

It determines how much money your employer will withhold for taxes, impacting your paycheck and potential tax refund.

It ensures you receive benefits such as Social Security and Medicare.

It is used to report your yearly income to the IRS for tax filing purposes.

A 45-year-old friend who rents a room in your house and pays their own expenses.

A 22-year-old full-time college student who relies on their parents for most expenses.

A 30-year-old sibling with no income who lives with and is financially supported by their brother.

A 10-year-old child living with their parent who provides full financial support.

You earned income above the IRS filing threshold for your filing status.

You received self-employment income exceeding $400.

You had taxes withheld from your paycheck and want to claim a refund.

You earned below the IRS filing threshold and had no special filing requirements.

To cover income taxes for self-employed individuals

To pay for business expenses and deductions

To fund Social Security and Medicare for self-employed individuals

To contribute to state and local tax funds

Gross income is the amount you report on your tax return, while taxable income is the total amount subject to payroll taxes.

Gross income is the amount after taxes, while taxable income is the amount before taxes.

Gross income includes only wages, while taxable income includes all forms of income.

Gross income is the total income you earn, while taxable income is the amount left after deductions and exemptions.