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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 |