income tax
Government earnings levy
Income tax is a government levy on money earned by individuals or businesses.
Most countries with income taxes use progressive rates—higher earnings face higher percentages.
I owe more income tax this year because of my raise.
The term often appears in discussions of policy and personal finance: income tax bracket, income tax return.
Annual federal filing
- W-2Employer-issued tax form
- e-fileSubmit taxes digitally
- TurboTaxTax preparation software
- H&R BlockTax preparation chain
filing status · joint return · schedule · return · extension · amended return · form · deadline
Marks setting off text
- ratesFixed prices charged
- reformImprove by correcting faults
- legislationOfficial enactment of statutes
- codeSymbolic communication system
loophole · regressive · threshold · allowance · treaty · avoidance · evasion · fairness
Federal tax collector
- revenue serviceAgency collecting government taxes
- treasuryStored organizational funds
- auditFormal accounts examination
- complianceAdhering to requirements
collection · enforcement · notice · assessment · appeal · lien · levy · garnishment
Formal evaluation of worth
- bracketsMarks setting off text
- payableDue for settlement
- withholdingKeeping from another
- progressiveFavoring reform and innovation
liability · owed · due · arrears · penalty · interest · underpayment · quarterly payment
Preset tax-free income amount
- itemizeList by particulars
- charitable contributionsDonations to nonprofit organizations
- mortgage interestFee for borrowed home funds
- medical expensesFees for treatment
student loan interest · dependent care · business expenses · home office · tuition · health savings account · retirement contributions · IRA contributions
Payment for work
- salaryFixed periodic employment payment
- compensationPayment for services rendered
- self-employmentWorking for yourself
- freelanceSelf-employed project work
tips · commission · bonus · dividend · capital gains · royalty · pension · Social Security
Returned portion of payment
- overpaymentAmount paid exceeding debt
- direct depositFunds sent to account automatically
- checkOrder to pay
- creditRecognition or payment deferral
adjustment · carryover · carryback · stimulus · refundable · nonrefundable · timing · status
1040
Annual federal filing
H&R Block · filing status · joint return · schedule · return · extension · amended return · form · deadline · April 15
brackets
Marks setting off text
- ratesFixed prices charged
- reformImprove by correcting faults
- legislationOfficial enactment of statutes
code · loophole · regressive · threshold · allowance · treaty · avoidance · evasion · fairness · redistribution
IRS
Federal tax collector
- revenue serviceAgency collecting government taxes
- treasuryStored organizational funds
- auditFormal accounts examination
compliance · collection · enforcement · notice · assessment · appeal · lien · levy · garnishment · seizure
assessment
Formal evaluation of worth
- bracketsMarks setting off text
- payableDue for settlement
- withholdingKeeping from another
progressive · liability · owed · due · arrears · penalty · interest · underpayment · quarterly payment · balance due
standard deduction
Preset tax-free income amount
- itemizeList by particulars
- charitable contributionsDonations to nonprofit organizations
- mortgage interestFee for borrowed home funds
medical expenses · student loan interest · dependent care · business expenses · home office · tuition · health savings account · retirement contributions · IRA contributions · energy credits
wages
Payment for work
- salaryFixed periodic employment payment
- compensationPayment for services rendered
- self-employmentWorking for yourself
freelance · tips · commission · bonus · dividend · capital gains · royalty · pension · Social Security · alimony
rebate
Returned portion of payment
- overpaymentAmount paid exceeding debt
- direct depositFunds sent to account automatically
- checkOrder to pay
credit · adjustment · carryover · carryback · stimulus · refundable · nonrefundable · timing · status
- taxeswithholding, VAT, GST, customs duty, FICA
- taxationVAT, withholding, deductions, deduction, taxpayers
- US TaxationIRS, withholding, deductions, AMT, surtax
- government revenuecustoms duties, fees, tolls, fines, lottery revenue
- paycheck deductionswithholding, health premium, FICA, 401k, garnishment
- personal taxcapital gains, deductions, exemptions, withholding, W-2
income taxpoll tax
Per-person voting charge
head tax · regressive tax · sales tax · consumption tax · value-added tax
income taxtax refund
Returned excess withholding
government subsidy · universal basic income · stimulus check · tax credit · rebate
tax, income, taxes, incomes, overtaxed, overtax, untaxed, incomer, incomers