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Taxes Vocabulary

TermDefinition
Income Tax tax on the net income of an individual or business
Progressive Tax takes a larger percentage of income from high-income groups than from low-income groups
Regressive Tax taking a larger percentage of income from low-income earners than from high-income earners
1040 Form one of the official documents that U.S. taxpayers can use to file their annual income tax return; divided into sections where you report your income and deductions to determine the amount of tax you owe or the refund you can expect to receive
Income a gain of money in a certain period of time derived from labor or capital
Adjusted Gross Income individual's gross income decreased by the deductions from a business
W2 Form document an employer is required to send to each employee and the Internal Revenue Service (IRS) at the end of the year; reports employees' annual wages and the amount of taxes withheld from their paychecks
Deduction money taken out of a paycheck for taxes and other expenses
Standard Deduction deduction of an amount set by law that is allowed to be taken from adjusted gross income unless the taxpayer elects to itemize deductions
Direct Deposit money is transferred to the employee's account electronically
Filing Status used to determine your filing requirements, standard deduction, eligibility for certain credits, and your correct tax
FICA Federal Insurance Contributions Act
Withholdings advance payment on income tax
Internal Revenue Service Treasury Department agency charged with administering and enforcing federal tax laws
Taxable Income income that is subject to taxation and is characterized by the accrual of some gain or benefit to the taxpayer
Tax Credit amount of money that is subtracted from taxes owed
Created by: hhollis
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