Taxes

Dependent

Depends on other people to pay the bills

1040EZ

IRS Tax Form 1040EZ is the shortest federal individual income tax form. It is designed for taxpayers whose filing status is "single" or "married filing jointly" with no dependents.

Adjusted Gross Income

In the United States income tax system, adjusted gross income (AGI) is an individual's total gross income minus specific deductions. Taxable income is adjusted gross income minus allowances for personal exemptions and itemized deductions. For most individual tax purposes, AGI is more relevant than gross income.

Gross income

Income before taxs

IRS

Internal Revenue Service

Net income

Money after taxes

Uses for taxes

Pay for roads, military's, school, etc

Progressive

The term progressive refers to the way the tax rate progresses from low to high, with the result that a taxpayer's average tax rate is less than the person's marginal tax rate.

Tax evasion

Then you don't pay taxes(this is illegal)

Voluntary compliance

You are responsible to report al, income

Property tax

a levy on property that the owner is required to pay.

Sales tax

a tax on sales or on the receipts from sales.

Payroll taxes

deductions from an employee's wages, and taxes paid by the employer based on the employee's wages.

Exemption

the process of exempting a person from paying taxes on a specified amount of income for themselves and their dependents.

W-2

Shows how much money you made over the year

Allowance

This is s term used to show how much you want the govermeant/employer out of your paycheck for taxes

W-4

This is when your just got hired BEFORE you start working

Standard deduction

A base amount of income that is not subject to tax and that can be used to reduce a taxpayer's adjusted gross income (AGI). ... The amount of the standard deduction is based on a taxpayer's filing status, age and whether he or she is disabled or claimed as a dependent on someone else's tax return.

FICA

Federal Insurance Contributions Act tax is a United States federal payroll (or employment) tax imposed on both employees and employers to fund Social Security and Medicare—federal programs that provide benefits for retirees, the disabled, and children of deceased workers.

Tax

Money the government takes from you for multiple reasons

Federal income tax

Money the government tales out of your paycheck

State income tax

Money the state takes out of your pay check

Withholding

Money you dont claim

Refund

Money you get back after taxes

Regressive

Regressive describes a distribution effect on income or expenditure, referring to the way the rate progresses from high to low, so that the average tax rate exceeds the marginal tax rate.

Excise tax

Tax on things that do bodily harm. Example alcohol and cigarettes

Interest income tax

Taxable income is generally described as gross income or adjusted gross income minus any deductions or exemptions allowed in that tax year.

Taxable income

Taxable income is the amount of income used to calculate an individual's or a company's income tax due. Taxable income is generally described as gross income or adjusted gross income minus any deductions or exemptions allowed in that tax year.

April 15

Taxs are due by April 15

1099-INT

The form issued by all payers of interest income to investors at year's end. Form 1099-INT breaks down all types of interest income and related expenses. Payers must issue Form 1099-INTs for any party to whom they paid at least $10 of interest during the year.