Tax Vocab.
A tax based on how much you earn.
What is income tax?
The majority of federal revenue comes from these.
What are individual and corporate income taxes?
Currency.
What is money?
You should fill out a W-4 when you start one of these.
What is a new job?
$13,850 in 2023
What is the standard deduction?
Total pay before taxes and deductions are taken out.
What is gross income?
Property tax by another name.
What is excise tax?
The largest percentage of our federal taxes are used to pay for these.
What are medical programs (Medicare/Medicaid)?
Form 1040 is used for this.
What is a federal income tax return?
The amount of money that taxpayers can subtract, dollar for dollar, from the income taxes they owe.
What is a tax credit?
If you pay for Student loans, Mortgage or even dental and medical expenses, than you pay ___.
What are tax deductions?
These ranges of income and tax are used to determine your federal income tax bill.
What are tax brackets?
Federal income taxes are typically due on this date.
What is April 15th?
A W-4 tells your employer this.
What is the correct amount of federal tax to withhold?
Common deductions found on your pay check.
What are Pre-Tax deductions?
Ordinary and necessary costs incurred to operate your business.
What are business expenses?
This is your tax bracket if you have a taxable income of $100,000 a year.
What is 24%?
Taxes are collected by this agency of the federal government.
What is the Internal Revenue Service (IRS)?
A type of tax where everyone pays the same percentage of their income.
What is a flat tax?
Families with children can usually claim this tax credit for each dependent child.
What is the Child Tax Credit?
If you pay for childcare and/or school, you are eligible for ___ ___
What are tax credits?
These earnings are taxed at either 0%, 15%, or 20%.
What are Capital Gains?
$663 billion will be spent by the federal government this year to pay for this expense.
A sales tax is an example of this.
What is a regressive tax?
These expenses, like charitable donations or medical expenses, can be deducted from your taxable income.
What are Itemized Deductions?