Tax Vocabulary
This is the amount of money earned before taxes.
What is Gross Income?
This is a provision that reduces taxable income.
What is a Tax Deduction?
This is the document you fill out when you start a new job.
What is a W-4?
These are the 3 major entities that collect taxes.
What are Federal, State and Local?
This is the income collected by the government through taxation.
What is Tax Revenue?
This is the tax collected by the Federal Government from your pay check (non-FICA).
What is the Federal Income Tax?
This is a special $1,750 deduction for certain groups.
What is the Old Age/Disability credit?
This is the form that reports an employees annual wages.
What is a W-2?
This is the government agency that is in charge of collecting taxes.
What is the IRS?
These are the citizens who pay the most from their Federal Income Tax.
Who are the wealthiest or highest tax bracket?
This is the general price increase of goods & services.
What is Inflation?
This is the $13,850 deduction.
What is the 2023 Standard Deduction?
This is the online tax form you submit when filing your taxes.
What is a 1040-EZ?
Fishing, Driving and Restaurants all require one of these, another way of collecting taxes.
What is a License?
This is the largest form of personal tax revenue.
What is the Federal Personal Income Tax?
This is the amount of money you receive from your paycheck after taxes.
What is the Net Income?
Filing your taxes this way would allow a $27,700 in total deduction, or 2x the Standard Deduction.
This tax form will report the Social Security taxes taken.
What is a Pay Stub or W-2?
The state of MA collects 26% of its revenue from this tax, directly from your pay check.
What is the State Income Tax?
This state has the highest State Income Tax.
What is California?
This is the name for the combined collection of Social Security and Medicare taxes.
What is FICA?
Filing your taxes with these allows you to list out all the deductions you have over a year.
What is an Itemized Deduction?
This is the information you would enter in the first section of a W-4.
What is personal information?
That state of MA collects 31% of its revenue from this tax, on something you own.
What is the Property Tax?
Much like the Personal Income Tax, this tax is charged to businesses who are incorporated.
What is a Corporate Income Tax?