Forms
What is the form that shows how much you earned and how much was withheld from your paychecks?
W-2 form
What is the income that is subject to taxation after deductions and exemptions?
Taxable income
What is a person who relies on someone else for financial support?
Dependent
What is partial payment of taxes due, spread over a period?
Tax installment
What is an illegal act of not paying taxes owed?
Tax evasion
What is the form used to file your annual income tax return?
1040 form
What is an additional charge imposed for failing to pay taxes on time?
Tax penalty
What is am amount that directly reduces the tax owed, often based on specific criteria?
Tax credit
What is choosing to not have income taxes withheld from your paycheck?
Exempt (on W-4 form)
What is the examination of tax return by the IRS to verify accuracy and compliance?
Tax audit
What is the form used to let your employer know how much to withhold from your paycheck?
W-4 form
What is a transaction that triggers a tax liability?
Taxable event
What is an amount that reduces taxable income, lowering the amount of tax owed?
Tax deduction
What is money earned from sources like wages, salaries, and bonuses?
Earned income
What is the range of income subject to a certain tax rate?
Tax bracket
What is a document filed with the government reporting income and taxes owed?
Tax return
What is an amount of tax that an individual or entity is legally obligated to pay?
Tax liability
What is legally minimizing tax liability through permissible means?
Tax avoidance
What is a date by which taxes must be filed and paid to avoid penalties?
Tax deadline
What is a document showing details of your paycheck, including deductions and earnings?
Paystub
What is results of actions that impact your taxes, such as deductions or credits?
Tax consequences
What is money returned by the government when you’ve overpaid taxes?
Tax refund