| A | B |
|---|
| DEPENDENT | FULL-TIME STUDENT UNDER 24, CHILD UNDER 19, PERMANENTLY DISABLED |
| MUST FILE TAXES | INCOME EXCEEDS 12,200, SE NET EARNINGS EXCEED 400 |
| EARNED INCOME | MONEY YOU EARN FROM WORKING |
| UNEARNED INCOME | MONEY YOU EARN BUT YOU DIDN'T HAVE TO WORK FOR IT |
| IRS | FEDERAL AGENCY THAT IS RESPONSIBLE FOR THE COLLECTION OF TAXES |
| TAX REFUND | AMOUNT OF MONEY RETURNED TO YOU IF YOU PAID TOO MUCH IN TAXES |
| EARNED INCOME | ANY INCOME (WAGES/SALARY) GENERATED BY WORKING |
| UNEARNED INCOME | INCOME LIKE INTEREST ON SAVINGS, DIVIDENDS, CAPITAL GAINS & UNEMPLOYMENT |
| STANDARD DEDUCTION | A SET AMOUNT OF MONEY THE FED GOVERNMENT ALLOWS YOU SUBTRACT FROM YOUR INCOME. |
| TAXABLE INCOME | INCOME YOU EARN THAT SHOULD BE TAXED |
| LARGEST GOVERNMENT SPENDING | DEFENSE, SOCIAL SECURITY, MEDICARE/MEDICAID |
| 1040 | THE STANDARD FORM THAT IS USED TO FILE THE ANNUAL INCOME TAX |
| FORM 1099-INT | A STATEMENT THAT REPORTS THE AMOUNT OF INTEREST YOU EARNED FORM THE BANK |
| FORM W2 | WAGES AND INCOME STATEMENT THAT YOU RECEIVE FROM YOUR EMPLOYER IN ORDER TO PREPARE YOUR INCOME TAXES |
| APRIL 15 | LEGAL DATE THAT ALL INCOME TAXES MUST BE FILED |
| JANUARY 31 | DEADLINE FOR EMPLOYERS TO SEND W2 FORMS TO EMPLOYEES |
| I START PAYING TAXES | WHEN I MAKE MORE THAN THE MINIMUM INCOME REQUIREMENT |
| W4 | STARTING A NEW JOB YOU ARE ASKED TO FILL OUT TO DETERMINE WITHHOLDINGS |
| WITHHOLDINGS | AMOUNT THE GOVERNMENT TAKES OUT OF YOU PAY |
