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income
| Question | Answer |
|---|---|
| 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 |
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