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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