Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
9 Cards in this Set
- Front
- Back
|
DEPENDENTS
|
generally, spouse and children living in the same home
|
|
|
COMPENSATION/EARNINGS
|
wages, salaries, tips
|
|
|
INCOME
|
wages, salaries, tips, interest, dividends, some scholarships, fellowship grants
|
|
|
IRS
|
Internal Revenue Service
|
|
|
INCOME TAX RETURN
|
statement filed (submitted) by individual taxpayer to the IRS or state of residence (where individual is living)
|
|
|
WITHHOLDING
|
U.S. income tax automatically taken from your paycheck
|
|
|
EXEMPT INDIVIDUAL
|
person who does not have to pay income tax
|
|
|
STANDARD DEDUCTION
|
standard amount that individuals may subtract from income when calculating taxes owed
|
|
|
ITEMIZED DEDUCTIONS
|
additional amount that individuals may subtract from income when calculating taxes owed. EX. charitable donations
|
