Tax Vocabulary

A qualifying child or relative who a taxpayer is entitled to claim on tax return

• Dependent

• Deduction

• Net Income

• Gross Income

Amount that taxpayers can claim for themselves, their spouses and eligible dependents

• Deductions

• Exemptions

• Tax Credit

• Withholding

A dollar-for-dollar- reduction in the tax

• Tax Refund

• Income Credit

• Income Refund

• Tax Credit

Tax return form for people with below a $50,000 income

• W-2

• 1099

• I-9

• 1040 EZ

Income before taxes

• Net Income

• Gross Income

• Credit Income

• Tax Credit

Income after taxes

• Net Income

• Credit Income

• Gross Income

• Tax Income

Anything withheld from paycheck

• Deductions

• Withholding

• Credit

• Refund

Money withheld from paycheck by employer

• Deduction

• Withholding

• Refund

• Credit

Determines the rate at which income is taxed

• Filing Status

• Credit Status

• Tax Bracket

• Tax Refund

The charge for the use of borrowed money

• Tax

• Income

• Interest

• Credit