Taxes Vocabulary

An IRS form that people use to file their annual income tax returns.

• 1040
• dependent
• earned income
• income tax

A person who relies on the taxpayer for financial support

• dependent
• earned income
• income tax
• paycheck stub

all the taxable income and wages you get from working

• earned income
• income tax
• paycheck stub
• Social Security Tax

money paid to the state, federal, and local governments based on income earned over the past year.

• income tax
• paycheck stub
• Social Security Tax
• standard deduction

A document an employee receives either as a notice of payment and deductions

• paycheck stub
• Social Security Tax
• standard deduction
• tax return

Money collected by the federal government to provide financial benefits needed in retirement and for the disabled.

• Social Security Tax
• standard deduction
• tax return
• tax refund

a set amount on which no taxes are paid

• standard deduction
• tax return
• tax refund
• W-2

annual report filed with local, state, or federal government detailing income earned and taxes owed

• tax return
• tax refund
• W-2
• withholding

an amount that a government gives back to a taxpayer who has paid more taxes than were due

• tax refund
• W-2
• withholding
• 1040

a form that summarizes an employee's earnings and withholdings for the year sent to the tax payer by the employer

• W-2
• withholding
• 1040
• dependent