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unit 3

taxes

TermDefinition
W-2 form filled out by employer to report tax deductions from paycheck and annual income
W-4 form filled out when you first begin a job to tell employer how much of your paycheck goes to taxes
Allowance amount you try to decrease income to minimize taxation
1040EZ filled out when single/married, claim no dependents and make under 100,000
1040A federal income tax return from: you CAN claim dependents, make under 100,000
1040 filled out when you make over 100,000
IL 1040 state income tax return form specifically for Illinois
Standard Tax Deduction non-itemized tax subtracted from income after filling out the 1040 EZ
Itemized Tax Deduction taxpayers can claim on federal income tax returns and which decrease their taxable income,
Unemployment Compensation unemployed worker (job lay-ff) who still gets 65%of their salary
Adjusted Gross Income gross income subtracted by tax deductions
Taxable Income amount of income used to determine someone's state/federal income tax
1099-INT bank sends this to investor to tell them their interest income for the calendar year
1099-DIV form from investment fund companies that tells investor the total number of capital gains and dividends paid to them
Tax Refund IRS sends you money back
Tax Liability you owe IRS money after paying taxes
Tax Deferred tax that can be paid at a later date
Tax Exempt not taxed
Tax Credit money that can reduce the amount of money you owe the IRS (tax liability)
Wages/ tips earned income you earn from tips, hourly wages, bonuses, etc.
Internal Revenue Service- IRS department of treasury in the federal government
Tax Audit meeting with taxpayer and IRS person to verify the 1040s are correctly filled out
Tax Extension 6 months after 4/15 to fill out paperwork, but taxes are still due 4/15.
Property Tax tax on all property you own to local government
Sales Tax State tax on consumer goods purchased
Local Income Tax local tax that local authority determines whether to raise money for local programs or not
State Income Tax everyone is taxed the same amount in a specific state.
Federal Income Tax amount of money made annually collected for the IRS
Estate Tax federal income tax collected on the estate of the dead before it is given to anyone on the will
Inheritance Tax State income tax on amount you received from someone's dead will when you inherit their property
Gift Tax federal income tax when you transfer money and it passes the limit of 14,000
Excise Tax state/local tax paid when you purchase a specific good such as gas, cigarettes, etc.
Progressive Tax Federal Income tax where greater income= higher tax rate
Regressive Tax greater income=lower tax rate
Proportional Tax flat tax that everyone pays that same percentage of taxes (state income tax)
Created by: jasedemasson