| A | B |
|---|
| allowance | a number calculated on the W-4 form for taxes withheld |
| deductions | amount deducted from adjusted gross inome on tax form |
| dependents | people you support financially for tax purposes |
| FICA | federal law requiring workers to contribute to Social Security and Medicare |
| gross income | amount of pay before taxes |
| income taxes | taxes you pay on most income you receive |
| IRS | federal agency responsible for collecting income taxes |
| net income | amount of pay after withholdings are deducted |
| payroll taxes | worker's earnings paid to the government by their employers |
| property tax | tax on the value of real estate |
| sales tax | tax added to the cost of a product at time of purchase |
| tax return | set of forms used for calculating taxes |
| taxable income | wages, tips, and interest on which you pay taxes |
| withholding | employer deductions from employees to pay such as taxes |
| W-2 | a summary of employee earnings and deductions from employer |
| W-4 | withholding allowance form employee fills out for employer |
| 1040EZ | the simplest of basic income tax forms |
