Taxes Vocabulary

Front

An IRS form that people use to file their annual income tax returns.

Back

1040

Front

A person who relies on the taxpayer for financial support

Back

dependent

Front

all the taxable income and wages you get from working

Back

earned income

Front

money paid to the state, federal, and local governments based on income earned over the past year.

Back

income tax

Front

A document an employee receives either as a notice of payment and deductions

Back

paycheck stub

Front

Money collected by the federal government to provide financial benefits needed in retirement and for the disabled.

Back

Social Security Tax

Front

a set amount on which no taxes are paid

Back

standard deduction

Front

annual report filed with local, state, or federal government detailing income earned and taxes owed

Back

tax return

Front

an amount that a government gives back to a taxpayer who has paid more taxes than were due

Back

tax refund

Front

a form that summarizes an employee's earnings and withholdings for the year sent to the tax payer by the employer

Back

W-2