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Taxes & Personal Income Vocabulary
Fichas del conjunto (14)
- 1Disposable incomeincome remaining after deduction of taxes and other mandatory charges, available to be spent or saved as one wishes
- 2Taxessum of money demanded by a government to support the government itself along with facilities and services
- 3Progressive taxone that charges a higher tax rate to people who earn a higher income
- 4Regressive taxa tax applied uniformly, taking a larger percentage of income from low-income earners than from high-income earners
- 5Proportional taxan income tax system where the same percentage of tax is levied on all taxpayers, regardless of their income
- 6Taxable incomethe amount of income used to calculate how much tax an individual or a company owes to the government in a given tax year
- 7Tax creditsan amount of money that can be offset against a tax liability
- 8Exemptionsa reduction or elimination of the taxes normally imposed on individuals and organizations by state and federal governments
- 9Deductionsa deduction that lowers a person’s tax liability by lowering his taxable income
- 10Itemized deductionsdeductions that permit taxpayers who qualify to deduct more from their adjusted gross income (AGI) than they could using the standard deduction
- 11Form W-4tells the employer the correct amount of tax to withhold from an employee's paycheck based on the employee's marital status, number of exemptions and dependents and other factors
- 12Form W-2form that an employer must send to an employee and the Internal Revenue Service (IRS) at the end of the year and reports an employee's annual wages and the amount of taxes withheld from his or her paycheck
- 13Form 1040form used by U.S. taxpayers to file an annual income tax return
- 14Taxpayera person who pays a tax to national, state, county, or municipal governments
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- Fichas sobre Taxes & Personal Income Vocabulary, creado por Shannon Anderson-Rush el 30/05/2019.
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- Shannon Anderson-Rush
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