| A | B |
|---|
| W4 form | Employee's Withholding Allowance Certificate - Determines the percentage of gross pay which will be withheld for taxes. |
| W2 form | Wage and Tax Statement) - States the amount of money earned and taxes paid throughout the previous year. Used to file income taxes - By January 31, an employer should mail or provide a copy of this statement to each employee. |
| I9 form | Documentation verifying the employees identity and legal authorization to accept employment in the United States |
| Net Worth | total assets minus total liabilities. |
| levy | Impose or raise a tax. |
| Traditional Roth IRA | Requirements 18+ -Restrictions NONE -Fees-Penalties on distributions before 59 1/2 -Automatic distributions -Save money for retirement -NO risks (NCUA insured separate from non-IRA deposits. |
| Roth IRA | Under 50 -$5,500 -Over 50+ $6,500 -18+ older -You don't have to take money out of your Roth -Individual Retirement Plan account allowing a person to set aside after-tax income up a specified amount each year. |
| 403b retirement plan | They are tax-deferred retirement plans for employees of public school systems, (403(b)employees), and tax-exempt, nonprofit organizations such as churches and charitable institutions. |
| 401k plan | a tax-deferred retirement plan offered to employees by their employer. |
| FAFSA | A form required by the government for application to any federal education aid program. Used to determine the specific Federal Student Aid programs that can contribute to a student's total college financial aid package and in what proportions. High school seniors should submit it as soon as possible after January 1. Processed free of charge and must be submitted each year a student applies for financial aid. |
| 1040 tax form | The standard Internal Revenue Service (IRS) form that individuals use to file their annual income tax returns. Taxable income more than 100,000. Itemize deductions. |
| taxes | Fees for the support of government required to be paid by people and businesses. |
| 1040ez | Claim no dependents, less than $100,000 taxable income, income only from wages. The simplest of the basic income tax forms. |
| sales tax | A tax on a sale of merchandise or services. VA. Sales tax is 5.3%. |
| 1040 a tax form | Claim no dependents, less than $100,000 taxable income, income from wages and over $1,500 of interest income, taking standard deduction |
