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Taxes Vocabulary
Financial Literacy - Myers 1st Block
| Term | Definition |
|---|---|
| Income Tax | a tax on the net income of an individual or business |
| Progressive Tax | a tax in which the tax rate increases as the taxable amount increases |
| Regressive Tax | a tax imposed in such a manner that the tax rate decreases as the amount subjected to taxation increases |
| 1040 Form | an IRS tax form used for personal federal income tax returns filed by U.S. residents |
| Income | money received for work or through investments |
| Adjusted Gross Income | an individual’s total gross income minus specific deductions; used to calculate taxable income |
| W2 Form | an IRS tax form used to report wages paid to employees and the taxes withheld from them |
| Deduction | an expense that can be subtracted from a taxpayer’s gross income in order to reduce the amount of income that is subject to taxation |
| Standard Deduction | a specific dollar amount that reduces the amount of income on which you’re taxed |
| Filing Status | determines which tax return form an individual will use and is an important factor in computing taxable income |
| FICA | (Federal Insurance Contributions Act) federal payroll contribution directed towards both employees and employers to fund Social Security and Medicare |
| Withholdings | income tax paid to the government by the payer of the income rather than by the recipient of the income |
| Internal Revenue Service | revenue service for the U.S. federal government responsible for collecting taxes and administering the Internal Revenue Code |
| Taxable Income | the income over which the government imposed tax |
| Tax Credit | tax incentive which allows certain taxpayers to subtract the amount of the credit they have accrued from the total they owe the state |
| Direct Deposit | the electronic transfer of a payment directly from the account of the payer to the recipient’s account |
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