Vocab
take-home pay or the amount employees earn after all payroll deductions are subtracted from their gross pay.
NET PAY
If you’re paying for higher education, you may be able to deduct certain expenses
Education Expenses
This is the standard individual income tax form for most taxpayers
Form 1040.
what employees earn before taxes, benefits and other payroll deductions are withheld from their wages.
Gross pay
If you have a business, you cab deduct expenses related to running it.
Business Expenses.
Form 1099
Used to report various types of income, such as freelance income or interest earned.
Unearned income
State and local taxes
You may be able to deduct the amount you paid in state and local taxes.
Form W-2
Provided by employers to report wages, tips, and other compensation.
the money the government cannot touch.
Deduction
If you own a home and have a mortgage, you can often deduct the interest you pay.
Mortgage Interest.
used to report mortgage interest, student loan interest student loan interest, or tuition payments.
Form 1098.
an expense that can be subtracted from adjusted gross income to reduce your tax bill
Itemize Deduction
Charitable donations
If you’ve made donation to qualified organizations, you may be able to deduct them.
W4
Fill out form of how much you pay for taxes.