Tax Terms

4. Money owed to taxpayers when their total tax payments are greater than the total tax
7. deduction, Reduces the income subject to tax and varies depending on filing status.
9. Used to provide medical benefits for certain individuals when they reach age 65.
11. when a married couple files their taxes as one return instead of two separate returns
12. an alternative to standard deduction. Must use schedule A.

1. filing status for a unmarried individual with no dependents
2. a form or set of forms filed with IRS that reports tax information
3. Compensation received by employees for services performed.
5. A dollar-for-dollar reduction in the tax. Can be deducted directly from taxes owed.
6. of household, a filing status for an single individual who has dependents living in their household
8. A qualifying child or qualifying relative, other than the taxpayer or spouse, who entitles the taxpayer to claim a dependency exemption.
10. security, Provides retirement benefits for retired workers