The percentage at which taxes are paid on each dollar of income

An inspection of a filer's tax return by the IRS

The standard Internal Revenue Service (IRS) form that individuals can use to file their annual income tax returns

Form used by an employer to verify an employee's identity and to establish that the worker is eligible to accept employment in the United States

A federal program that provides monthly benefits to millions of Americans, including retirees, military families, surviving families of deceased workers, and disabled individuals

Definition: Income earned through interest on savings accounts, bonds, CDs, etc.

A percentage of profits paid by a business to the federal and state government

Definition: The amount of income that is used to calculate an individual's or a company's income tax due

Definition: A document attached to every paycheck that details your earnings and the amount withheld for taxes, health insurance, retirement funds, etc.

A federal law that requires an employer to withhold taxes from the wages they pay their employees; the funds go toward Social Security and Medicare

A government-run insurance program that provides healthcare assistance to elderly and disabled Americans

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

A form completed by an employee to indicate his or her tax situation (exemptions, marital status, etc.) to the employer, who then withholds the corresponding amount of taxes from each paycheck

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

Definition: 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

Definition: Any number that can be written as a fraction

Definition: Employee-claimed exemptions on the W-4 to determine how much of an employee's pay to withhold from his or her paycheck for taxes

Definition: A standardized dollar amount that reduces your taxable income, specifically for individuals who do not receive additional benefit by itemizing their deductions into medical expenses, donations, etc.

Definition: A function composed of 2 or more functions

A government-run insurance program that provides healthcare assistance to low income Americans

Form that an employer must send to an employee and the IRS at the end of the year to report the employee's annual wages and taxes withheld from their paycheck