Income Tax Introduction
Basic tax terms
Terms
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- Used to verify your income and taxes witheld
- W-2
- Amounts subtracted from income
- Deductions/Exemptions
- Having to do with the US government
- Federal
- Wages, salary, tips, interest/dividends earned
- Income
- Amount paid our of your paycheck towards tax due
- Witholding
- Internal Revenue Service
- IRS
- Options to file as a single/married/or head of household
- Filing Status
- Use this figure to look up your tax on the tax tables
- Taxable Income
- Paid back to taxpayer from overpayment of taxes
- Refund
- Children, or other people you are responsible for
- Dependents