Busy. Please wait.
or

show password
Forgot Password?

Don't have an account?  Sign up 
or

Username is available taken
show password

why


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
We do not share your email address with others. It is only used to allow you to reset your password. For details read our Privacy Policy and Terms of Service.


Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
Don't know
Know
remaining cards
Save
0:01
To flip the current card, click it or press the Spacebar key.  To move the current card to one of the three colored boxes, click on the box.  You may also press the UP ARROW key to move the card to the "Know" box, the DOWN ARROW key to move the card to the "Don't know" box, or the RIGHT ARROW key to move the card to the Remaining box.  You may also click on the card displayed in any of the three boxes to bring that card back to the center.

Pass complete!

"Know" box contains:
Time elapsed:
Retries:
restart all cards
share
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Income Tax Vocab

:)

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 • 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