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IncomeTax Vocabulary

Income Tax Vocabulary Study Stacks

TermDefinition
Income Tax An income tax is a tax imposed on individuals or entities (taxpayers) that varies with respective income or profits
Progressive Tax A progressive tax is a tax in which the average tax rate increases as the taxable amount increases
Regressive Tax A regressive tax is a tax imposed in such a manner that the average tax rate decreases as the amount subject to taxation increases.
1040EZ IRS Form 1040EZ is the simplest of the three tax forms you can use to file your federal income taxes. If your taxable income is less than $100,000, you don't claim any dependents and you file as single or are married filing jointly.
Income money received, especially on a regular basis, for work or through investments.
Adjusted Gross income In the United States income tax system, adjusted gross income is an individual's total gross income minus specific deductions
W2 Form Form W-2 is an Internal Revenue Service tax form used in the United States to report wages paid to employees and the taxes withheld from them.
Decution the action of deducting or subtracting something
Standard Deduction Under United States tax law, the standard deduction is a dollar amount that non-itemizers may subtract from their income before income tax is applied.
Direct Deposit Direct deposit is an electronic payment from one bank account to another
Filing Status Filing status is a category that defines the type of tax return form a taxpayer must use when filing his or her taxes. Filing status is closely tied to marital status.
FICA The Federal Insurance Contributions Act (FICA) is a U.S. law that creates a payroll tax requiring a deduction from the paychecks of employees as well as a contribution from employers to fund the Social Security and Medicare programs.
Withholdings refusal to give something that is due or desired.
Internal Revenue Service The Internal Revenue Service (IRS) is a bureau of the Department of Treasury that is tasked with the enforcement of income tax laws and oversees the collection of federal income taxes.
Taxable Income Taxable income is the amount of income used to calculate how much tax an individual or a company owes to the government in a given tax year.
Tax Credit Taxable income is the amount of income used to calculate how much tax an individual or a company owes to the government in a given tax year.
Created by: s.trey.wellbrook