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Income Tax Vocaulary

QuestionAnswer
Income Tax Annual charge levied on both earned income and unearned income
Progressive Tax Income tax that takes a larger percentage of a larger income and a smaller percentage of a smaller income.
Regressive Tax Taxation that takes a larger percentage of a lower-income and a smaller percentage of a higher income.
1040EZ Form less than $100,000, you don't claim any dependents and you file as single or are married filing jointly, then you may be eligible to file Form 1040EZ
Income The flow of cash or cash-equivalents received from work
Adjusted Gross Income Tax payer's total income from which certain sums such as student loan interest payments (but not allowed or standard deductions) have been subtracted.
W2 Form Wage and Tax Statement. A tax form prepared by an employer and given to an employee to be filed with his/her 1040 form
Deduction Business expenses or losses which are legally permitted to be subtracted from the gross revenue of a firm in computing its taxable income.
Standard Deduction Fixed amount that a tax payer is allowed to deduct from his or her adjusted gross income, in lieu of itemizing deductible personal expenses.
Direct Deposit Automatic transfer of salaries, wages, rents, benefits, or other such sums, directly to the account of an employee or beneficiary.
Filing Status when you say if you are single or married
FICA Federal Insurance Contributions Act
Withholdings Holding back money designated for the payment of taxes.
Internal Revenue Service The U.S. government agency authorized to collect federal income taxes and enforce the tax laws embodied in the IRS Code.
Taxable Income Gross income from which standard deductions and other allowances have been subtracted
Tax Credit Prepaid income tax that can be offset against the total income tax payable by an entity.
Created by: AlexisHavens
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