Busy. Please wait.

show password
Forgot Password?

Don't have an account?  Sign up 

Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
We do not share your email address with others. It is only used to allow you to reset your password. For details read our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
Didn't know it?
click below
Knew it?
click below
Don't know (0)
Remaining cards (0)
Know (0)
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

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



Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!

"Know" box contains:
Time elapsed:
restart all cards