Taxes Vocabulary

If you (or your spouse, if filing jointly) earned more than $600 from contract work

• Investment income information

• 1099 forms

• W-2

• Earned Income Tax Credit

Interest, dividends, proceeds from sales of stocks or bonds, income from foreign investments

• Standard Deduction

• Progressive taxes

• Investment income information

• W-4

Tells the employer the amount of tax to withhold from an employee's paycheck based on their marital status, number of allowances and dependents, and other factors. The W-4 is also called an Employee's Withholding Allowance Certificate.

• W-4

• 1099

• W-2

• 1040

Wage and Tax Statement, is the document an employer is required to send to each of their employees and the Internal Revenue Service (IRS) at the end of the year. The W-2 form reports the employee's annual wages and the amount of taxes withheld from his or her paychecks.

• W-4

• 1099

• W-2

• 1040

Tax form is a record that an entity or person — not your employer — gave or paid you money

• W-4

• W-2

• 1099

• 1040

Standard Internal Revenue Service (IRS) form used by individuals to file their annual income tax returns.This standard form of the IRS is also known as the "U.S. individual income tax return" or the "long form".

• W-2

• W-4

• 1099

• 1040

A refundable tax credit for low- to moderate-income working individuals and couples, particularly those with children.

• Standard Deduction

• Earned Income Tax Credit

• Progressive taxes

• 1099 Form

A dollar amount that non-itemizers may subtract from their income before income tax (but not other kinds of tax, such as payroll tax) is applied.

• Triple Deduction

• Itemized Deduction

• Progressive taxes

• Standard Deduction

Used to dissuade the use of products and services that pose a risk to your health

• Luxury taxes

• Sin Tax

• Progressive taxes

• Regressive taxes

Tax on expensive, non-necessity items

• Regressive tax

• Progressive tax

• Sin tax

• Luxury tax