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Taxes Vocabulary

TermDefinition
Income tax tax levied by a government directly on income, especially an annual tax on personal income.
Progressive Tax a tax in which the tax rate increases as the taxable amount increases.
Regressive Tax a tax where the average tax burden decreases with income.
1040 form one of the official documents that U.S. taxpayers can use to file their annual income tax return.
Income money received, especially on a regular basis, for work or through investments.
Adjusted gross income gross income minus adjustments to income.
W2 Form reports an employee's annual wages and the amount of taxes withheld from their paycheck.
Deduction an amount that is or may be deducted from something, especially from taxable income or tax to be paid.
Standard Deduction the portion of income not subject to tax that can be used to reduce your tax bill.
Direct deposit the electronic transfer of a payment directly from the account of the payer to the recipient's account.
filing status used to determine your filing requirements, standard deduction, eligibility for certain credits, and your correct tax.
fica a U.S. law that mandates a payroll tax on the paychecks of employees, as well as contributions from employers, to fund the Social Security and Medicare programs.
withholdings the portion of an employee's wages that is not included in his or her paycheck but is instead remitted directly to the federal, state, or local tax authorities.
Internal revenue service The federal agency that oversees the collection of taxes.
Taxable income the amount of a person's gross income that the government deems subject to taxes.
Tax Credit an amount of money that people are permitted to subtract, dollar for dollar, from the income taxes that they owe.
Created by: andrewmarlowe
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