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IncomeTax Vocabulary
Income Tax Vocabulary Study Stacks
| Term | Definition |
|---|---|
| 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
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