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Taxes Vocabulary

W-4 form an employee fills this out when he or she gets hired. It tells the employer how much to withhold from pay
W-2 form statement from an employer showing how much an employee earned and how much was withheld from pay that year
1099 INT form statement from the bank showing how much interest an individual earned that year
Federal 1040 EZ-form a document filled out by the tax payer to determine if he or she will receive a refund or owe the federal government
NYS IT-200 form a document filled out by the tax payer to determine if he or she will receive a refund or owe the state government
Gross Income salary before taxes
Net Income salary after taxes
IRS a federal agency that collects taxes Internal Revenue Service
April 15 date taxes are due each year
Voluntary Compliance the honor system in which our tax system runs
Audit when you are red flagged by the IRS and they thoroughly check the filing of your taxes
Tax Evasion failure to pay your taxes which could result in fines or late interest payments or jail time in extreme cases
Dependent a person who relies on someone else for financial support
Deduction anything that a tax payer uses to lower taxable income (gross income) examples: charity donations, energy star
Regressive Tax System everyone pays the same amount (not a percentage) regardless of income but the larger percent is taken from lower income groups rather than higher income groups
Proportional Tax System everyone pays the same percent of taxes regardless the level of income
Progressive Tax System tax rate increases with your income (more money you make, more money you pay in taxes)
Created by: Room224