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Taxes & You
| Question | Answer |
|---|---|
| Income Tax | a tax levied on the wages, salaries, dividends, interest, and other income a person earns throughout the year |
| Excise Tax | one dollar ($1.00) on each five hundred dollars ($500.00) or fractional part thereof of the consideration or value of the interest conveyed. |
| Payroll Taxes | includes the taxes employees and employers pay on wages, tips, and salaries. |
| 1099 | used to report certain types of non-employment income to the IRS |
| W-4 | tells the employer the amount of tax to withhold from an employee's paycheck based on their marital status, number of allowances and dependents, and other factors |
| Sales Tax | general State and applicable local and. transit rates of sales and use tax to the sales price of a service contract sold at retail by a retailer sourced to this State unless specifically exempt by statute. |
| Regressive Tax | A tax that takes a larger percentage of income from low-income groups than from high-income groups. |
| Capital Gains | if you sell the asset for more than your adjusted basis. |
| 1040 | the standard federal income tax form people use to report income to the IRS, claim tax deductions and credits and calculate their tax refund or tax bill for the year |
| Estate Tax | North Carolina does not levy an estate tax. |
| 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. |
| Progressive Tax | one where the average tax burden increases with income |
| Inheritance Tax | a state tax that you pay when you receive money or property from the estate of a deceased person |
| Refund | to give or put back |
| Tax | levied on transactions, such as a sales tax or stamp duty, |
| Proportional Tax | an income tax system that levies the same percentage tax to everyone regardless of income |
| W-2 | Form W-2, also known as the Wage and Tax Statement, is the document an employer is required to send to each employee and the Internal Revenue Service (IRS) at the end of the year. |
| Property Tax | The Local Government Division provides support and services to the counties and municipalities of North Carolina as well as taxpayers concerning taxes |
| Credit | A credit is a sum of money which is added to an account |
| W-9 | provide your correct Taxpayer Identification Number (TIN) to the person who is required to file an information return with the IRS to report |
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