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W-4 form
Form used to let your employer know how much to withhold from your paycheck
Person who relies on someone else for financial support
Paystub
Document showing details of your paycheck, including deductions and earnings
Exempt (on W-4 form)
Choosing not to have income taxes withheld from your paycheck
W-2 Form
Form that shows how much you earned and how much was withheld from your paychecks
1040 Form
Form used to file your annual income tax return
Earned Income
Money earned from sources like wages, salaries, and bonuses
Tax Return
Document filed with the government reporting income and taxes owed
Tax Deadline
Date by which taxes must be filed and paid to avoid penalties
Taxable income
Income that is subject to taxation after deductions and exemptions
Tax Refund
Money returned by the government when you've overpaid taxes
TAX EVASION :D
Illegal act of not paying taxes owed
Tax consequences
Results of actions that impact your taxes, such as deductions or credits
Tax Installment
Partial payment of taxes due, spread over a period
Tax penalty
Additional charge imposed for failing to pay taxes on time
Examination of tax return by the IRS to verify accuracy and compliance
Taxable event
Transaction that triggers a tax liability
Tax deduction
Amount that reduces taxable income, lowering the amount of tax owed
Tax credit
Amount that directly reduces the tax owed, often based on specific criteria
Tax bracket
Range of income subject to a certain tax rate
Tax liability
Amount of tax that an individual or entity is legally obligated to pay
Tax avoidance
Legally minimizing tax liability through permissible means