Paycheck & Taxes Vocabulary
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Last updated 5:37 PM on 3/13/25
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4 Terms
1
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1040
The U.S. Individual Income Tax Return form used to report annual income and calculate federal income tax liability.
2
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1099
A series of IRS tax forms used to report various types of non-employee income, such as freelance work, contract labor, or interest earnings.
3
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Capital Gains Tax
Imposed on profits from investments and sale of real estate properties.
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Deductions
Amounts subtracted from gross pay, including taxes, insurance premiums, retirement contributions, and other voluntary or mandatory withholdings.
Note 
Flashcards (223)