Paycheck & Taxes Vocabulary

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4 Terms

1

1040

The U.S. Individual Income Tax Return form used to report annual income and calculate federal income tax liability.

2

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

Capital Gains Tax

Imposed on profits from investments and sale of real estate properties.

4

Deductions

Amounts subtracted from gross pay, including taxes, insurance premiums, retirement contributions, and other voluntary or mandatory withholdings.