Income Tax terms starting with F

10 terms

  1. federal income tax The federal government levies a tax on personal income. The federal income tax provides for national programs such as defense, foreign affairs, law…
  2. Federal Insurance Contributions Act (FICA) 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.
  3. Federal/State e-file A program sponsored by the IRS in partnership with participating states that allows taxpayers to file federal and state income tax returns electronically…
  4. file a return To mail or otherwise transmit to an IRS service center the taxpayer's information, in specified format, about income and tax liability.
  5. filing status 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…
  6. financial records Spending and income records and items to keep for tax purposes, including paycheck stubs, statements of interest or dividends earned, and records of…
  7. Flat tax A flat tax, also known as a regressive tax, applies to everyone at the same rate, as a sales tax does.
  8. Form W-4, Employee's Withholding Allowance Certificate Completed by the employee and used by the employer to determine the amount of income tax to withhold.
  9. formal tax legislation process This is another term for a proportional tax.
  10. foster child A foster child is any child placed with a taxpayer by an authorized placement agency or by court order.