Tax Vocabulary

Front

Concept of tax fairness that states that people with different amounts of income or wealth should pay tax at different rates.

Back

Ability to pay

Front

Taxes levied (collected) on personal income is called?

Back

Federal income tax

Front

The form employers must provide to employees by January 31 of each year that gives annual income and withholding information.

Back

Form W - 2

Front

Mandatory fees placed on income, property, or goods to support government programs.

Back

Taxes

Front

The federal agency that collects income taxes in the United States

Back

The Internal Revenue Service (IRS)

Front

The adjusted gross income minus standardized or itemized deductions is known as

Back

Taxable income

Front

A dependent is someone who is ...

Back

is cared for throughout the year, including paying their expenses.

Front

The form that employers must provide to employees by January 31 of each year that gives annual income and withholding information.

Back

Form W-2