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FM M3L2 Vocab

QuestionAnswer
Dependent A person who relies on another person, usually a family member, for financial support.
Income Money you earn from a job or another source over a period of time. It includes both earned and unearned income.
Income Tax A tax that a person pays on his or her earned and unearned income.
Internal Revenue Service(IRS) A federal agency responsible for collecting taxes for the U.S. government.
NC Department of Revenue A state agency responsible for collecting taxes for the state of North Carolina.
Total Income Tax This is your total Federal and State income tax owed each year. You must pay both each year.
April 15 Date you must file your State and Federal Income taxes by.
January 31 Date you should receive your W-2 form from your employer so you can file your tax return.
E-File Filing your taxes online
1040 Form The 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.
D-400 Income tax return form used by residents of North Carolina to report their income and calculate their state income tax.
Created by: mrichards102
 

 



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