Term
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Definition
| the table in the 1040EZ instruction booklet showing levels of income on one side and the tax owed on the other side |
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Definition
| total income, before deductions, made in one year |
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Definition
| the withholding form each new employee fills out, stating the number of exemptions. The more exemptions listed, the less withholding tax will be taken from the paycheck |
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Term
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Definition
| report sent from the employer to both the IRS and the employee, showing gross income and total taxes paid |
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Term
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Definition
| tax paid to state, federal, and local governments based on income earned over the past year |
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Term
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Definition
| A review of a tax return by the IRS in which the taxpayer must show proof of all deductions, expenses, and income |
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Definition
| a donation or expense that reduces the taxable income amount |
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Term
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Definition
| a check or direct deposit returning the taxpayer's money to the taxpayer after tax returns are filed and the overpaid tax is determined |
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