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zMath Finance C3
zMath Finance C3 Income Taxes
| Term | Definition |
|---|---|
| Federal Income Tax Return (3.1) | Form used to file income tax with the Internal Revenue Service that is due by April 15 each year |
| Tax return preparer (3.1) | Any person who completes tax returns for others |
| W-2 Form (3.1) | Form that summarizes an employee's earnings and the amounts withheld from the employee's paychecks for the year |
| Gross Income (3.1) | Employee's total pay before deductions |
| Adjusted gross income (3.1) | Gross income minus selected government-approved deductions |
| IRA (Individual Retirement Arrangement) (3.1) | Retirement account that allows individuals to save money for retirement |
| deduction (3.1) | Adjustment to income that comes after the adjusted gross income is determined |
| tax deductible (3.1) | Expense that qualifies as a deduction from adjusted gross income |
| standard deduction (3.1) | Fixed amount that can be claimed instead of listing individual deductions |
| tax credit (3.1) | An amount of money that a taxpayer is allowed to subtract from the taxes that are owed. |
| capital gain (3.2) | a profit that results from selling something for more than you paid for it |
| capital asset (3.2) | a tangible piece of property such as real estate, automobiles, or equipment |
| asset (3.2) | a broader term for anything that you own that has value |
| long-term capital gain (3.2) | any profit from the sale of an asset that was held more than a year |
| ordinary income (3.2) | income earned from sources other than capital gains, such as wages |
| short-term capital gain (3.2) | any profit from the sale of an asset that was held less than a year |
| capital loss (3.2) | when you sell a capital asset for less than you paid for it |
| investment (3.2) | any purchase you make in hopes of making money |
| self-employed (3.3) | Someone who creates his or her own job and works for him- or herself |
| self-employment tax (3.3) | FICA taxes that must be paid by a self-employed person |
| estate (3.3) | All of a person's possessions, including assets and debts |
| estate tax (3.3) | Tax that is paid out of the value of an estate before the estate is transferred to the heirs |
| heir (3.3) | Recipient of an inheritance |
| inheritance (3.3) | Individual's portion of an estate |
| inheritance tax (3.3) | Tax imposed by some states on a person receiving an inheritance |
| gift tax (3.3) | Law that limits the amount of money that can be given away as a gift without potentially costing the giver's estate additional taxes. |
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