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Taxes Vocabulary
| Term | Definition |
|---|---|
| income tax | a tax on the net income of an individual or a business |
| progressive tax | |
| regressive tax | |
| 1040EZ form | |
| income | a gain or recurrent benefit usually measured in money that derives from capital or labor |
| adjusted gross income | an individual's gross income decreased by the amount of deductions allowed especially for business expenses |
| W2 form | |
| deduction | an amount allowed by tax laws to be subtracted from income in order to decrease the amount of income tax due |
| standard deduction | a deduction of an amount set by tax law that is allowed to be taken from adjusted gross income unless the taxpayer elects to itemize deductions |
| direct deposit | a method of payment in which money is transferred to the payee's account without the use of checks or cash |
| filing status | |
| FICA | Federal Insurance Contributions Act |
| withholdings | |
| Internal Revenue Service | the department of the US federal government that is responsible for collecting taxes |
| taxable income | the total amount of income remaining as the basis of taxation for a given period after all allowable deductions have been applied to gross income |
| tax credit | an amount that may be subtracted from the sum of tax otherwise due and that is distinguished from a deduction applied to gross income in the calculation of taxable income |
Created by:
ellieadams
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