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Tax Terms
IRS Tax Terms
| Question | Answer |
|---|---|
| Internal Revenue Service-Gov't Agency that collects and oversees the federal tax system. | IRS |
| take out money from your paychecks to pay income tax due on your wages. | withhold |
| a pre-emplyment form you fill out telling your employer the number of allowences or deductions you are allowed to claim. | W-4 |
| a form from your employer mailed by January 31 of the next year that shows how much money you earned and how much your employer withheld in taxes. | W-2 |
| a form supplied by a financial institution that shows the dollar amout of interest you earned in an accout with that financial institution. It is to be reported as income on your tax return. | 1099INT |
| a form that shows how much you earned from working and made from other sources. | income tax return |
| a fixed amout of money that is excused from taxes. | exemption |
| an expense that you are allowed to subtract from your income. | deduction |
| a measurement of how long you have worked. | work credit |
| someone who can not work because of a physical or mental condition. | disabled worker |
| health insurance benefits that cover nearly everyone over the age of 65 | Medicare |
| provides temporary income to workers who have lost their jobs. | umemployment insurance |
| paid benefits to workers injured on the job and to dependants of workers killed on the job. | workers compensation |
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jtalmarode
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