Something that reduces how much taxable income you claim.
What is a tax deduction?
100
This is when taxes are typically due.
What is April 15?
200
This is the tax that is paid to the government based on the amount you earn from wages.
What is Income Tax?
200
Something that directly reduces how much tax you owe.
What is a tax credit?
200
This is the tax rate if you are a single tax filer with income up to $9,225.
What is 10%?
300
This is the total tax that is taken out of your paycheck (Social Security Tax, Medicare Tax, etc.)
What is Payroll Tax?
300
Payments made on your student loan interest is this.
What is a tax deduction?
300
This form allows you to adjust your federal tax withholding.
What is a W-4 form?
400
This is the tax paid based on the value of your home and the property it sits on.
What is Property Tax?
400
This is an incentive to contribute to your retirement account. By claiming this, you will offset part of the first $2,000 you voluntarily save for your retirement.
What is the Saver's Credit or Retirement Savings Contributions Credit.
400
This is the form you need to submit to the financial aid office if you are selected for Federal Verification (it verifies your submitted tax information).