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Paying your taxes

TermDefinition
Federal Income Tax The federal government charges income tax on all its residents. In this tax system, you are taxed on the money you earn while working.
1040EZ The quick tax form most often used for those with uncomplicated tax situations.
Property Tax taxes an owner pays on the value of any owned property, including land, buildings, or houses.
State Income Tax Most states charge income tax on all its residents. In this tax system, you are taxed on the money you earn while working.
Capital Gains Tax a tax charged on the profits made on the sale of something that was purchased at a lower price
1099INT Report on interest income sent from the bank to both the IRS and the taxpayer for savings account interest.
FICA The Federal Insurance Contributions Act, the name given to Social Security and Medicare taxes. The employee pays some of the FICA tax, and the employer pays some of this tax for each employee.
Standard Deduction The deduction allowed for those not claimed as a dependent on a parent’s taxes.
Tax Deduction A donation or expense that reduces the taxable income amount.
Tax Refund A check returning the taxpayer’s money to the taxpayer after returns are filed and the overpaid tax is determined.
W2 Report sent from the employer to both the IRS and the employee showing gross income, total taxes paid, and total voluntary deductions.
Created by: fcatrone93