Taxation Flashcard 2

Front

What is a W-2 Form used for?

Back

Reporting employee's annual wages and taxes withheld

Front

Which form is used to report income from freelancing and contract work?

Back

1099 Form

Front

What does a tax bracket represent?

Back

A range of income taxed at a particular rate.

Front

What is Adjusted Gross Income (AGI)?

Back

Total income minus specific deductions

Front

What is a standard deduction?

Back

A fixed dollar amount reducing taxable income

Front

What are itemized deductions?

Back

Eligible expenses reported to decrease taxable income

Front

What is taxable income?

Back

Income used to calculate tax owed

Front

What does withholding refer to?

Back

Portion of wages not included in paycheck

Front

What is a tax return?

Back

A form to report income, expenses, and tax information.

Front

What does filing status determine?

Back

The type of tax return form used