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Income Tax Vocab

Financial Literacy

TermDefinition
Income Tax Annual charge levied on both earned income (wages, salaries, commission) and unearned income (dividends, interest, rents).
Progressive Tax Income tax that takes a larger percentage of a larger income and a smaller percentage of a smaller income.
Regressive Tax Taxation that takes a larger percentage of a lower-income and a smaller percentage of a higher income.
1040EZ Form 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.
Income The flow of cash or cash-equivalents received from work (wage or salary), capital (interest or profit), or land (rent).
Adjusted Gross Income Tax payer's total income from which certain sums such as student loan interest payments (but not allowed or standard deductions) have been subtracted.
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.
Deduction Fixed amount or percentage permitted by taxation authorities that a tax payer can subtract from his or her adjusted gross income to arrive at the taxable income.
Standard Deduction Fixed amount that a tax payer is allowed to deduct from his or her adjusted gross income.
Direct Deposit Automatic transfer of salaries, wages, rents, benefits, or other such sums, directly to the account of an employee or beneficiary.
Filing Status Filing status is based on marital status and family situation.
FICA 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 Employee income tax (such as PAYE) and other government imposed deductions from dividends, salaries, wages, and other incomes.
Internal Revenue Service The U.S. government agency authorized to collect federal income taxes and enforce the tax laws embodied in the IRS Code.
Taxable Income Gross income from which standard deductions and other allowances have been subtracted.
Tax Credit Prepaid income tax (such as that deducted from dividend payment) that can be offset against the total income tax payable by an entity.
Created by: ahsparrott