Understanding Income Taxes_ Vocabulary

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10 Terms

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Income Tax

A tax imposed on individuals or businesses based on their income or profits.

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Tax Bracket

A range of income that is taxed at a specific rate.

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Deductions

Expenses that can be subtracted from total income to reduce taxable income.

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Taxable Income

The amount of income that is subject to tax after deductions.

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Withholding

The portion of an employee's earnings withheld by the employer for tax purposes.

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Filing Status

A category that defines the type of tax return form a taxpayer will use.

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Refund

Money returned to a taxpayer when they have overpaid their taxes.

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Audit

An examination of a taxpayer's financial records by the tax authority.

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Capital Gains

The profit from the sale of an asset or investment.

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Tax Credit

An amount that taxpayers can subtract directly from the taxes they owe.