Taxes Vocabulary Flashcards

Front

What is the payment called that Logan has to pay to the government based on his earnings?

Back

A tax imposed by the government on individuals' earnings or profits

Front

Who is considered a Dependent?

Back

A person who relies on another for financial support

Front

What is the document called that details income and expenses for the year?

Back

A form submitted to the government detailing income and expenses

Front

What type of income is a paycheck received every two weeks?

Back

Money received from working, such as wages or salaries

Front

What type of income is a dividend from stocks and interest from a savings account?

Back

Income from sources other than employment

Front

What does Filing Status affect?

Back

The classification of a taxpayer's situation on their tax return

Front

What is the unique number assigned to individuals for tracking income and benefits?

Back

A unique number assigned to individuals by the government for tracking income and benefits

Front

Exemption

Back

A provision that allows certain income to be excluded from taxation

Tags

CCSS.HSA.SSE.A.1

Front

What is the tax benefit that directly reduces the amount owed?

Back

A dollar-for-dollar reduction in the amount of tax owed

Front

What type of account should Matthew consider for retirement income?

Back

A savings account designed to provide income during retirement