Unit 1 Vocabulary Flashcard

Front

Someone you financially support who can be "claimed" on a tax return to reduce your taxable income and lower your taxes

Back

Dependent

Front

The percentage at which taxes are paid on each dollar of income

Back

Tax Rate

Front

An inspection of a filer's tax return by the IRS

Back

Audit

Front

The standard Internal Revenue Service (IRS) form that individuals can use to file their annual income tax returns

Back

1040

Front

Form used by an employer to verify an employee's identity and to establish that the worker is eligible to accept employment in the United States

Back

I-9

Front

A federal program that provides monthly benefits to millions of Americans, including retirees, military families, surviving families of deceased workers, and disabled individuals

Back

Social Security

Front

Definition: Income earned through interest on savings accounts, bonds, CDs, etc.

Back

Interest Income

Front

A percentage of profits paid by a business to the federal and state government

Back

Corporate Income Tax

Front

Definition: The amount of income that is used to calculate an individual's or a company's income tax due

Back

Taxable Income

Front

Definition: A document attached to every paycheck that details your earnings and the amount withheld for taxes, health insurance, retirement funds, etc.

Back

Paycheck Stub