Taxes

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

• 1040

• 1099

• w-2

• 1040 EZ

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

• 1040

• 1040EZ

• 1099

• W-2

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

• Withholdings

• Allowances

• Benefits

• Deductions

Someone you financially support who can be "claimed" on a tax return to reduce your taxable income and lower your taxes

• Dependent

• CPA

• IRS agent

• Best Friend

Any income (wages/salary) that is generated by working

• Earned Income

• Taxable Income

• Tips

• Dividends

The actual rate you pay on your taxes, as a percentage of your overall income

• Effective Tax Rate

• Progressive Tax

• Regressive Tax

• State Tax

The set amount of money, per dependent, you can subtract from your taxable income

• Exemption

• Withholding

• Tax Break

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

• Federal Insurance Contributions Act (FICA)

• FDIC

• Equal Pay Tax Act

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

• I-9

• 1099

• W-4

• W-2

Marginal Tax Rate

The tax bracket that your highest dollar of income falls into, and therefore the highest tax rate you pay

• Marginal Tax Rate

• Progressive Tax rate

• Flat Tax Rate

• Regressive Tax Rate