Taxes Vocab Review

A range of income amounts that are taxed at a particular rate

• Tax Bracket

• Tax Return

• Tax Refund

• Tax Credit

An annual report to the IRS summarizing total income, deductions, and the taxes withheld by employers

• Tax Bracket

• Tax Return

• Tax Refund

• Tax Credit

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

• Tax Bracket

• Tax Return

• Tax Refund

• Tax Credit

An amount subtracted directly from the tax owed

• Tax Bracket

• Tax Return

• Tax Refund

• Tax Credit

Federal and state taxes that all employers must pay, based on a percentage of the employee's salary, toward social services such as Social Security and Medicare

• Payroll Tax

• Progressive Tax

• Income Tax

• Paycheck Stub

A tax for which the percentage of income paid in taxes increases as income increases

• Payroll Tax

• Progressive Tax

• Income Tax

• Paycheck Stub

Taxes paid by employees to federal and state government through a direct deduction from their paycheck

• Payroll Tax

• Progressive Tax

• Income Tax

• Paycheck Stub

A document included each pay period which outlines paycheck deductions

• Payroll Tax

• Progressive Tax

• Income Tax

• Paycheck Stub

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

• 1040

• 1099

• W-2

• W-4

Form that details all "non-employee" compensation, including for specific jobs like freelancers or contractors

• 1040

• 1099

• W-2

• W-4