All > Business > Finance > Personal Finance > Income Tax
Includes wages, salaries, tips, includible in gross income, and net earnings from self-employment earnings.
- Browse Related Terms: bonus, compulsory payroll tax, earned income, employee, flat tax, Form W-4, Employee's Withholding Allowance Certificate, formal tax legislation process, income taxes, independent contractor, salary, self-employment loss, self-employment profit, tip income, wages
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All > Business > Finance > Personal Finance > Income Tax
A tax credit for certain people who work, meet certain requirements, and have earned income under a specified limit.
- Browse Related Terms: ability to pay, benefits received, Earned Income Credit (EIC), financial records, Gross Income, horizontal equity, underground economy, vertical equity
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All > Business > Finance > Personal Finance > Income Tax
The transmission of tax information directly to the IRS using telephones or computers. Electronic filing options include (1) Online self-prepared using a personal computer and tax preparation software, or (2) using a tax professional. Electronic filing may take place at the taxpayer's home, a volunteer site, the library, a financial institution, the workplace, malls and stores, or a tax professional's place of business.
- Browse Related Terms: Appeal, Authorized IRS e-file Provider, electronic filing (e-file), electronic preparation, Electronic Return Originator (ERO), Federal/State e-file, file a return, Intermediate Service Provider (ISP), IRS e-file, Personal Identification Number (PIN), Software Developer, tax preparation software, transmit, transmitter, Volunteer Income Tax Assistance (VITA)
All > Business > Finance > Personal Finance > Income Tax
Electronic preparation means that tax preparation software and computers are used to complete tax returns. Electronic tax preparation helps to reduce errors.
- Browse Related Terms: Appeal, Authorized IRS e-file Provider, electronic filing (e-file), electronic preparation, Electronic Return Originator (ERO), Federal/State e-file, file a return, Intermediate Service Provider (ISP), IRS e-file, Personal Identification Number (PIN), Software Developer, tax preparation software, transmit, transmitter, Volunteer Income Tax Assistance (VITA)
All > Business > Finance > Personal Finance > Income Tax
The Authorized IRS e-file Provider that originates the electronic submission of an income tax return to the IRS. EROs may originate the electronic submission of income tax returns they either prepared or collected from taxpayers. Some EROs charge a fee for submitting returns electronically.
- Browse Related Terms: Appeal, Authorized IRS e-file Provider, electronic filing (e-file), electronic preparation, Electronic Return Originator (ERO), Federal/State e-file, file a return, Intermediate Service Provider (ISP), IRS e-file, Personal Identification Number (PIN), Software Developer, tax preparation software, transmit, transmitter, Volunteer Income Tax Assistance (VITA)
All > Business > Finance > Personal Finance > Income Tax
Works for an employer. Employers can control when, where, and how the employee performs the work.
- Browse Related Terms: bonus, compulsory payroll tax, earned income, employee, flat tax, Form W-4, Employee's Withholding Allowance Certificate, formal tax legislation process, income taxes, independent contractor, salary, self-employment loss, self-employment profit, tip income, wages
All > Business > Finance > Personal Finance > Income Tax
A tax on the sale or use of specific products or transactions.
- Browse Related Terms: Commission, excise tax, Progressive tax, proportional tax, Regressive tax, sales tax, transaction taxes
All > Business > Finance > Personal Finance > Income Tax
Free from withholding of federal income tax. A person must meet certain income, tax liability, and dependency criteria. This does not exempt a person from other kinds of tax withholding, such as the Social Security tax.
- Browse Related Terms: business, exempt (from withholding), Federal Insurance Contributions Act (FICA) Tax, Investment Income, lobbyist, Medicare tax, payroll taxes, self-employment tax, Social Security Tax, support, tax exemption, taxable interest income
All > Business > Finance > Personal Finance > Income Tax
Amount that taxpayers can claim for themselves, their spouses, and eligible dependents. There are two types of exemptions-personal and dependency. Each exemption reduces the income subject to tax. While each is worth the same amount, different rules apply to each.
- Browse Related Terms: adjusted gross income (AGI), Citizen or Resident Test, dependency exemption, dependent, exemptions, filing status, foster child, Head of Household filing status, Married Filing Joint filing status, Married Filing Separate filing status, personal exemption, qualifying child, qualifying relative, Qualifying Widow(er) filing status, single filing status, standard deduction, tax deduction, tax-exempt interest income