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Taxes and Tax Forms

Vocabulary Terms

AB
Income and Payroll taxesThe largest sources of government revenue in the United States.
Personal Property TaxesA local tax paid annually autos, etc.
Inheritance TaxTax levied by some states on wealth passed down to heirs.
Real Estate TaxesA local tax paid annually for homes, buildings or land value.
I-9Confirms Eligibility to Work in the US
W-4Filled out when starting a new job- Determines Tax Withholding
W-2Given to you by your employer- Shows same data as a pay stub but is turned into the government to pay taxes.
Sales taxLocal and State Tax paid on goods purchased.
WillLegal document stating wealth distribution to heirs
Tax DeductionReduces Taxable Income
Tax CreditReduces tax owed dollar for dollar
FICASocial Security and Medicare Tax


VA

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