Form W-4
Completed by the employee and used by the employer to determine the amount of income tax to withhold
Form W-4
Gross Income
You are unmarried, you paid more than half the cost of keeping up a home for the tear and a qualifying person lived with you in the home for more than half the year.
Head of Household
A qualifying child or a qualifying relative that allows the taxpayer to claim an exemption
dependent
The official body of tax laws and regulations
Tax Code
Determines the rate at which income is taxed
You must be married and this method may benefit you if you want to responsible only for your own tax of this method results in less tax than on a joint return.
Married filing separate filing status
A concept of fairness that states people with different amounts of wealth or income should pay tax at different rates.
ability to pay
A system that relies on individual citizens to report their income freely and voluntarily, calculate their tax liability correctly and file a tax return on time.
Voluntary compliance
Amount that taxpayers can claim for themselves, their spouses, and eligible dependents.
exemptions
Used to provide medical benefits for certain individuals when they reach age 65.
Medicare Tax
If on the last day of the year, you are unmarried or legally separated from your spouse under a divorce or separate maintenance degree and you do not quality for another filing status.
Single filing status
The transmission of tax information directly to the IRS using telephones or computers.
Electronic filing (e-file)
Money owed to taxpayers when their total tax payments are greater than the total tax.
Money that employers withhold from employees paychecks for federal income taxes, social security taxes, state taxes and local income taxes
withholding
Provides benefits for retired workers and their dependents as well as the disabled and their dependents.
Social Security Tax
A filing status that allows you to retain the benefits of married filing jointly for two years after the year of your spouse's death.
Qualifying Widower filing status
Can be claimed for the taxpayer and spouse - it reduces the income subject to tax.
Personal exemption
The result of the government taking in less money than it spends
Deficit
Compensation received by an employee for services performed - a fixed sum paid for a specific period of time worked
salary
The federal government levies a tax on personal income
Federal Income Tax
You are married and both you and your spouse agree to this filing status to report your combined income and deduct your combined allowable expenses.
Married Filing Joint filing status
The income the nation collects from taxes
Revenue
The federal agency that collects income taxes in the United States
Internal Revenue Service