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income

QuestionAnswer
Income Tax is a tax that is directly on your income
Progressive Tax A tax in which the average tax rate increases
Regressive Tax a tax in which the average tax rate decreases
1040EZ Form it’s an IRS form that you use to file your federal tax
Income is money that is received
Adjusted Gross Income is some ones individual total gross income
W2 Form reports an employee’s annual wages
Deduction means to take away something
Standard Deduction is the dollar amount that is non-itemized and may subtract from their income
Direct Deposit is an electronic transfer directly into an account
Filing Status is the type of tax return form a tax payer must use
FICA is a US federal law that requires deductions from paychecks of employees
Withholdings is something being held and not given out
Internal Revenue Service Service is a bureau of department that enforces income tax laws
Taxable Income is the amount calculated that a company or individual will have to pay in taxes
Tax Credit its an amount of money that that can be used to offset a tax liability
Created by: camdenclax