Federal Taxes

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Last updated 3:31 AM on 9/22/23
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19 Terms

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Withholding
Money taken out of your paycheck before you get it
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Taxable Income
The amount of your income that can be taxed after deductions
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Tax Date
Taxes are due on April 15
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Standard Deduction
The amount of your income protected from income tax
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Tax Return
A form used to file income taxes
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Gross Income
Income before taxes
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Net Income
The money you have after taxes
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Tax Deductions
Amounts subtracted from gross income (medical expenses, charitable donations)
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Tax Credit
Amounts you can subtract from your income tax (child care, college tuition)
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U.S. Corporate Income Tax
21% of profits; previously 35%
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FICA
Social Security + Medicare; for the elderly
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Unemployment Tax
Paid by employers; 60% of average weekly earnings
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Excise Tax
General revenue tax on a good
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Estate Tax (Death Tax)
The tax on the total value of money + property of someone who has died
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Tariffs
Taxes on imported goods; keeps American products competitive
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Tax Incentive
Using taxation to dis/encourage behavior
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Gov't's Revenue
50% comes from income tax
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Gov't
Borrows money to cover deficits
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Tax Brackets
Different for singles and married couples