Personal Finance

Front

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

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1040

Front

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

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Exemption

Front

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

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Income Tax

Front

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

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Medicaid

Front

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

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Medicare

Front

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

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Paycheck Stub

Front

A tax system that uses tax brackets to collect a larger percentage from the income of high-income earners than it does from low-income earners

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Progressive Tax

Front

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

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Social Security

Front

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.

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Standard Deduction

Front

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

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Tax Bracket