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Income Tax Vocab

Tax Vocab

TermDefinition
Income Tax A charge levied on a person's income. It helps pay for government functions along with acting as a wealth stabilizer.
Progressive Tax A type of Income tax that takes a larger percent from a larger income and a smaller portion from a smaller income.
Regressive Tax A type of Income tax that takes a smaller part of a larger income and a larger part of lower income.
1040 a form This is a income tax form that a person has to fill out in order to file tax returns. They have meet all the criteria to receive tax return.
Income The money a person earns by working.
Adjusted Gross Income A persons income from which certain sums like student loans are taken out.
W2 Form A form filled by an employer noting an employee's wages and earning.
Deduction Amount of money taken out from a persons income in taxes and other fees.
Standard Deduction A fixed amount a person is allowed to deduct from their adjusted gross income.
Direct deposit Amount of money that is automatically transferred to their bank account.
Filing Status A taxpayers family and personal info. The types of taxpayers: single, married filing jointly, married filing separately, and head of household.
FICA requires employers to take a portion of employees salary and give it to the government for SS and Medicare.
Withholding Money held back for taxes.
Internal Revenue Service US agency authorized to collect taxes.
Taxable Income Gross pay after taxes and deductions are taken away
Tax Credit Prepaid income tax.
Created by: s.di
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