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Argylls PF Taxes
Argylls PF Tax Terms
| Question | Answer |
|---|---|
| total amount of taxes owed | Tax Liability |
| Federal tax collected on a person's property at death | Estate Tax |
| State tax collected on a person's property at death | Inheritance tax |
| Tax on wages, salaries and earnings | Income tax |
| IRS | Internal Revenue Service |
| Tax-exempt income not subject to taxes | Exclusion |
| Your gross income after reductions | Adjusted Gross Income |
| Adjusted gross income minus deductions and exemptions | Taxable income |
| An expense that you can subtract from your adjusted gross income | Tax Deduction |
| Every taxpayer receives this type of deduction | Standard |
| A specific expense you may take off of your AGI. | Itemized deduction |
| A deduction for yourself, spouse and dependents | Exemption |
| Tax form used to indicate allowances | W-4 |
| Filing a tax return with your spouse | Joint return |
| Considered to be the simpilist tax form to complete | Form 1040EZ |
| Your employer sends this tax form by Jan. 31st which shows wages earned and taxes withheld | W-2 Form |
| IRA | Individual Retirement Account |
| Interest and Dividends are shown on this tax form | 1099 |
| IRS examines your tax return | Tax audit |
| Seven states do not have this type of tax | State income tax |
| Date your tax return is due | April 15th |
| Many self-employed indivduals pay these type of taxes | Estimated |
| Income from stocks and mutual funds | Dividend |
| OASDI | Old Age and Survivors Disability Insurance |
| Income from a Roth IRA is this | Tax exempt |