| A | B |
|---|
| Form 1040 | form that individuals use to file their annual income tax returns when they need to complete schedules also |
| Form 1040A | To be eligible to use this form, an individual must fulfill certain requirements such as not itemizing deductions, not owning a business and having a taxable income of less than $100,000. |
| Form 1040EZ | If you have a straightforward and simple tax situation if she or he has no real estate assets, no tax shelters and no foreign income; only the most basic information is needed to determine whether any money is owed or refunded |
| Schedule C | Used to report income or loss from a business |
| Schedule F | For federal income tax purposes, complete if you are engaged in the business of farming |
| Schedule A | Used with a Form 1040 to figure your itemized deductions |
| Deduction | A reduction of the income subject to tax, for various items, especially expenses incurred to produce income |
| Income | Generally described as wages, salaries, and tips, but can also include interest and earnings from investments |
| W-2 | Employer send to an employee and the IRS at the end of the year to report annual wages and taxes withheld frompaycheck. |
| W-4 | A W-4 is a form that individuals complete for withholding purposes |
| Tax withheld | An amount of an employee's income that an employer sends directly to the federal, state, or local tax authority |
| Refund | When the tax liability is less than the taxes paid, you can request this when filing a return. |
| April 15th | Deadline for individual tax returns |
| March 15th | Deadline for business tax returns |
| Jan 31st | Deadline for businesses to mail out W-2's |
| Federal Income Tax | Taxes withheld from paycheck and sent to the federal government by the employer, and individuals can get refunded (if over paid) at the end of the year. |
| Social Security | Taxes withheld from the paycheck and sent to the federal government by the employer, but cannot request a refund for this. |
| Filing Status | Status that determines which taxes tables you used, and whether you can claim dependents |
| Dependent | the person relies on you for their support |
| Form 1099 | used to report a wide variety of taxable income, such as interest, dividends, stock sales, and self-employment income |
