Tax Time terms

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Across
  1. 3. A range of income subject to a specific income tax rate.
  2. 5. form The primary document used by U.S. taxpayers to file an annual income Tax Return.
  3. 6. A form an employer must send to employees and the IRS that reports the employee's annual wages and the amount of income, FICA, and other taxes Withheld.
  4. 10. A dollar-for-dollar reduction of the actual tax you owe, often considered more valuable than a Tax Deduction.
  5. 12. The portion of your income that is subject to federal (and sometimes state) taxation after deductions and exemptions.
  6. 13. An acronym for the federal act that funds Social Security and Medicare through mandatory taxes on employees and employers.
  7. 14. Your gross income reduced by certain statutory adjustments, like educator expenses or contributions to an IRA.
  8. 15. A fixed dollar amount that reduces your Taxable Income, available to all taxpayers who do not Itemize Deductions.
  9. 16. A person other than the taxpayer or spouse who qualifies for the taxpayer to claim a benefit, like a specific tax credit.
Down
  1. 1. A form (like the 1040 form) filed with the IRS that reports income, expenses, and other relevant financial information.
  2. 2. A form an employee fills out to tell their employer how much tax to Withhold from their paycheck.
  3. 4. An expense that can be subtracted from your AGI to lower your Taxable Income.
  4. 5. A form used to report various types of miscellaneous income, often sent to independent contractors or those who received rent payments.
  5. 6. The portion of an employee's wages or salary that an employer deducts and pays directly to the government as a partial payment of income tax.
  6. 7. The system that relies on taxpayers to honestly report all income and deductions on their own.
  7. 8. A form used to report interest income paid to the taxpayer by a bank or financial institution.
  8. 9. Specific expenses (like medical costs, state and local taxes, or home mortgage interest) that can be subtracted from AGI instead of taking the Standard Deduction.
  9. 11. Tax Refund The money you get back from the government when you've paid more in taxes than you owe.