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Paying Your Taxes
| Term | Definition |
|---|---|
| Federal Income Tax | a tax by the federal government on the money you earn while working |
| Property Tax | a tax an owner pays on any owned property |
| Sales Tax | a tax you pay when you purchase something |
| State Income Tax | a tax by the state on the money you earn while working |
| Capital Gains Tax | a tax charged on the profits made on the sale of something |
| 1040EZ | the quick tax form most often used for those with uncomplicated tax situations |
| 1099INT | report on interest income sent from the bank to both the IRS and the taxpayer for savings account interest |
| 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:
tmikels52
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