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The federal government levies a tax on personal income. The federal income tax provides for national programs such as defense, foreign affairs, law enforcement, and interest on the national debt.
- Browse Related Terms: federal income tax, infant industry, protective tariff, public goods and services, revenue tariff, tariff, tax code, Tax credit, tax cut, tax evasion
All > Business > Finance > Personal Finance > Income Tax
Provides benefits for retired workers and their dependents as well as for disabled workers and their dependents. Also known 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
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A program sponsored by the IRS in partnership with participating states that allows taxpayers to file federal and state income tax returns electronically at the same time.
- 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
To mail or otherwise transmit to an IRS service center the taxpayer's information, in specified format, about income and tax liability. This information-the return-can be filed on paper, electronically (e-file).
- 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)
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Determines the rate at which income is taxed. The five filing statuses are: single, married filing a joint return, married filing a separate return, head of household, and qualifying widow(er) with dependent child.
- 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
All > Business > Finance > Personal Finance > Income Tax
Spending and income records and items to keep for tax purposes, including paycheck stubs, statements of interest or dividends earned, and records of gifts, tips, and bonuses. Spending records include canceled checks, cash register receipts, credit card statements, and rent receipts.
- 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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This is another term for a proportional tax.
- 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
Completed by the employee and used by the employer to determine the amount of income tax to withhold.
- 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
This is another term for a proportional tax.
- 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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A foster child is any child placed with a taxpayer by an authorized placement agency or by court order. Eligible foster children may be claimed by taxpayers for tax benefits.
- 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