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Personal & Business Taxes


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Allowance
a number that reduces the amount of money withheld from a person's pay
Withholding
a payroll tax an employer deducts from a person's wages
taxable income
amount of income on which actually owe a tax
Tax return
a set of forms that taxpayers use to calculate their tax obligation
sales tax
indirect regressive state tax on most g+s except perscription drugs and non processed foods
Public goods
goods and services provided by the government that benefits all American
property tax
indirect regressive state tax on real and personal properties
Payroll tax
a tax based on the payroll of a business; paid to the government
net income
paycheck term also called take home pay- gross income- taxes, FICA and any other deductions
Internal Revenue Service (IRS)
the federal agency that collects income taxes
Income tax
a tax paid on earnings from wages, interest dividends, and other sources
gross income
income earned from all sources in 1 yr
Gift tax
a tax paid by the giver on gifts with values above a federal threshold
Form W-4
provides the information an employer needs to determine the proper amount to withhold from a person's paycheck
Form W-2
a summary of a person's earnings and withholdings for the year for each job worked
Federal Insurance Contributions(FICA)
the law that requires workers to contribute to Social Security and Medicare
excise tax
indirect and regressive federal tax on items considered a luxury such as alcohol and tobacco
Dependent
a person one supports financially
Deductions
Deductible when you pay it. Reduce income. exceptions to this rule are credit cards. Deductible when you sign always get bill first then thats what goes on taxes.
Business/License tax
tax to operate certain kinds of businesses