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Income Tax Vocab


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 • 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 • W-2 form is the form that an employer must send to an employee and the Internal Revenue Service (IRS) at the end of the year.
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 Deductions • Fixed amount that a tax payer is allowed to deduct from his or her adjusted gross income, in lieu of itemizing deductible personal expenses.
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 a category that defines the type of tax return form a taxpayer must use when filing his or her taxes.
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.
Withholding • Holding back money designated for the payment of taxes.
IRS • The U.S. government agency authorized to collect federal income taxes and enforce the tax laws embodied in the IRS Code. On the web at www.irs.gov
Taxable • 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: jaylenpre10