Tax penalties
What is Tax Refund?
Money returned by the government when you’ve overpaid taxes
What is a w-4 form
form used to let your employer know how much to withhold from your paycheck
What is a dependent?
Person who relies on someone else for financial support.
Tax refund
Money returned by the government when you’ve overpaid taxes.
Tax audit
Examination of tax return by the IRS to verify accuracy and compliance.
What is tax evasion ?
illegal act of not paying taxes owed.
What is a paystub?
document showing details of your paycheck, including deductions and earnings
What is a earned income?
Money earned from sources like wages , salaries , and bonuses
Tax evasion
Illegal act of avoiding or not paying taxes owed
Taxable event
A transaction that triggers a tax liability.
What is tax installment?
Partial payment of taxes due , spread over a period
What is Exempt (on w-4 form)
choosing not to have income taxes withheld from your paycheck
Tax return
It is a document filed with government reporting income and all taxes that are owed.
Tax consequences
Its the results of action that impact your taxes, such as deductions or credits.
Tax deduction
What is Tax penalty
Additional Charge imposed for failing to pay taxes on time
What is a W-2 form
form that shows how much you earned and how much was withheld from your paychecks
Tax deadline
It’s the date which taxes needed to be filed to avoid penalties
Tax installment
Partial payment of taxes due, spread over a period
Tax credit
amount that directly reduces tax owed, often based on specific.
What is Tax liability?
amount of tax that an individual or entity is legally obligated to pay
What is a 1040 form
form used to file your annual income taxes return
Taxable income
Income that is subject to taxation after deductions and exemptions.
Tax penalty
Additional charge imposed for failing to pay taxes on time
Tax liability
amount of tax that an indiviual or entity is legally obligated to pay.