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Income Tax Vocab
Tax Vocab
| Term | Definition |
|---|---|
| Income Tax | A charge levied on a person's income. It helps pay for government functions along with acting as a wealth stabilizer. |
| Progressive Tax | A type of Income tax that takes a larger percent from a larger income and a smaller portion from a smaller income. |
| Regressive Tax | A type of Income tax that takes a smaller part of a larger income and a larger part of lower income. |
| 1040 a form | This is a income tax form that a person has to fill out in order to file tax returns. They have meet all the criteria to receive tax return. |
| Income | The money a person earns by working. |
| Adjusted Gross Income | A persons income from which certain sums like student loans are taken out. |
| W2 Form | A form filled by an employer noting an employee's wages and earning. |
| Deduction | Amount of money taken out from a persons income in taxes and other fees. |
| Standard Deduction | A fixed amount a person is allowed to deduct from their adjusted gross income. |
| Direct deposit | Amount of money that is automatically transferred to their bank account. |
| Filing Status | A taxpayers family and personal info. The types of taxpayers: single, married filing jointly, married filing separately, and head of household. |
| FICA | requires employers to take a portion of employees salary and give it to the government for SS and Medicare. |
| Withholding | Money held back for taxes. |
| Internal Revenue Service | US agency authorized to collect taxes. |
| Taxable Income | Gross pay after taxes and deductions are taken away |
| Tax Credit | Prepaid income tax. |
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