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Income Tax

TermDefinition
income tax tax levied by a government directly on income, especially an annual tax on personal income.
Regressive Tax is a tax imposed in such a manner that the tax rate decreases as the amount subject to taxation increases
Progressive Tax that imposes a lower tax rate on low-income earners compared to those with a higher income, making it based on the taxpayer's ability to pay.
1040EZ Form Income Tax Return for Single and Joint Filers with No Dependents was the shortened version of the Internal Revenue Service (IRS) Form 1040.
Income money received, especially on a regular basis, for work or through investments.
Adjusted Gross Income adjusted gross income is an individual's total gross income minus specific deductions
W2 Form 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 the action of deducting or subtracting something
Standard Deduction the standard deduction is a dollar amount that non-itemizers may subtract from their income before income tax is applied.
Direct Deposit is when a portion of your paycheck is deposited to your account. Direct deposit is when your entire paycheck is deposited to your account.
Filing Status filing status determines which tax return form an individual will use and is an important factor in computing taxable income.
FICA is a United States federal payroll contribution directed towards both employees and employers to fund Social Security and Medicare
Withholding refusal to give something that is due or desired.
Internal Revenue Service is the revenue service of the United States federal government
Taxable Income refers to the base upon which an income tax system imposes tax.
Tax Credit is an amount of money that taxpayers can subtract from taxes owed to their government.
Created by: jerryandrews