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Paying Your Taxes

TermDefinition
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