INTRO 1 Topic 7 Taxes

The form you fill out to let your employer know how much money to take out (withhold) of your paycheck.

• W2

• W4

• Tax return

• 1040

The form your employer creates to report your earnings and how much was withheld from your paychecks

• W4

• W2

• 1040

• Tax Return

The amount of money your employer holds back for payment to the government for taxes.

• Tax credit

• Tax items

• Payroll deductions

• withholding

Those things that you indicate to your employer on your W4 that say you are not liable to pay taxes to the government for tax purposes.

• exemptions

• IRS claims

• withholding

• excused deductions

Those amounts that you can take off you taxable income when you are filing your tax forms. AN example is interest you pay on your mortgage.

• allowances

• deductions

• credits

• items

I number you claim that directs your employer you need to be allowed to receive more money on each paycheck.

• payment claims

• credits

• deductions

• allowances

The government agency that collects tax revenue for the government

• IRS - Internal Resource Service

• IRS - Intentional Revenue Society

• IRS - Internal Revenue Service

• IRS - Interest and Revenue System

An amount granted back to you subtracted from your final tax liability. An example is for a child or other defendant

• tax credit

• tax multiplier

• tax income

• tax subtraction

The general term for a form you fill out to find out your tax liability to the government which includes all amounts of earned and unearned income, deductions and credits for your situation.

• W4

• W2

• Tax Return

• 1040 EZ

The tax return form you fill out if you have an uncomplicated tax situation with standard deductions.

• W4

• W2

• Tax return

• 1040 EZ