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Paying for the dream
unit 3
| Term | Definition |
|---|---|
| W-4 | Determaines how much your employer witholds |
| W-2 | Employee fills out annually to report wages and the amount of taxes witheld from paycheck |
| Income tax returns | a document you file with the Internal Revenue Service or the state tax board reporting your income |
| 1040 | IRS form individuals use to file their annual income tax returns |
| 1040A | Simplified version of 1040, an individual must fulfill certain requirements to be eligible |
| 1040EZ | shortest federal individual income tax form. Designed for taxpayers who file as being "single" or "married filing jointly" with no dependents |
| Unemployment Compensation | money that substitutes for wages or salary |
| Adjust gross income | an individual's gross income minus specific deductions |
| Taxable income | is the amount of income used to calculate an individual's or a company's income tax due |
| 1099 Int | the form issued by all payers of interest income investors at year's end |
| Tax Refund | A tax refund is the difference between taxes paid and taxes owed. |
| Tax Liability | Tax liability refers to the amount legally owed to a taxing authority as the result of a taxable event |
| International Revenue Service | is a U.S. government agency responsible for the collection of taxes and enforcement of tax laws |
| Tax Audit | A tax audit is an examination of your tax return by the IRS to verify that your income and deductions are accurate |
| Property Tax | is a levy on the value of a property |
| Sales Tax | a tax on sales or on the receipts from sales |
| Local Tax | A local tax is usually collected in the form of property taxes, and is used to fund a wide range of civic services from garbage collection to sewer maintenance |
| State vs. Federal Tax | state tax for state, federal tax for gov |
| Sin Tax | a tax on items considered undesirable or harmful, such as alcohol or tobacco |
| Tax deffered | paid at a future date instead of in the period in which they are incurred |
| Tax extension | An exemption made to both individual taxpayers and businesses that are unable to file a tax return by the due date |
| Inheritance vs. gift vs. estate tax | Inheritance tax-a tax imposed on someone who inherits property or money. Gift tax- the transfer of property by one individual to another while receiving nothing, or less than full value, in return Estate tax-a tax levied on the net value of the estate of |
Created by:
Katie910
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