- to be summoned by the IRS to appear in person and provide more information about your tax return
In regards to filing taxes: a deduction is the reduction of a person’s income that will be taxed and paid to the IRS. In regards to paychecks: a deduction is an amount withheld from an employee’s paycheck by the employer.
certain allowances on the salary of a worker that are free from taxation
a request for more time to file taxes; An extension must be filed by April 15th, and it gives the taxpayer six more months to file a tax return.
also called total income, is all your sources of income, including earned, unearned, and investment income
the total amount of money you earn in a paycheck before paying any taxes
any money received or earned
taxes that are placed on the income of individuals or businesses
the end results you want to achieve generally within one to five years
the US government agency in charge of tax collection and tax law enforcement
a planned and deliberate effort aimed at achieving a specific end result; Long-term goals will take five years or even a lifetime to reach
the final salary of an individual worker after all taxes and deductions are subtracted
the final salary of an individual worker after all taxes and deductions are subtracted
federal taxes deducted from a payroll to pay for programs such as Social Security, Medicare, and unemployment insurance
takes a larger percentage of taxes from those who are in a higher income bracket and less from those in a lower income bracket
the compensation a company pays to an employee for work done, paid on a regular basis
the end results you want to achieve generally within one or two years
an amount that gets deducted from the total amount of taxes taxpayers owe the
an amount that gets deducted from the total amount of taxes taxpayers owe the government
a reduction of the income that will be taxed
the amount of earnings that is used to calculate what income tax is due

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Fin mgnt


Unit 1


Personal Finance


1920s Terms


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