Tax Time Terms

7. An expense that can be subtracted from one's income before calculating the amount due to the government.
8. Listing and totaling specific allowable expenses (like state payments or charity gifts) instead of taking the fixed, predetermined amount.
10. The primary official document used by individuals to submit their annual financial information to the Internal Revenue Service.
11. The specific percentage range of annual earnings used to determine the rate of taxation.
13. The official document sent to independent contractors or those who receive payments for services outside of a traditional employment relationship.
15. The official document sent by a financial institution reporting earnings from savings accounts or certificates of deposit.
16. The calculated portion of one's salary or wages that is subject to federal assessment.
17. process where an employer deducts a specific amount from a worker's paycheck for remittance to the government.

1. A repayment issued by the government to a filer who paid more than their calculated final obligation.
2. A monetary reduction applied directly against the total amount of money owed to the government.
3. The fundamental system in the U.S. where citizens are expected to honestly report and pay what they owe without direct enforcement at the time of filing.
4. A qualifying person, usually a child or relative, claimed on a filer's official government document who provides certain monetary benefits.
5. A fixed dollar amount that nearly all filers can subtract from their income, set annually based on filing status, instead of listing specific expenses.
6. Mandatory payroll contributions that fund federal programs for the elderly and healthcare (acronym).
9. The form an employee fills out to inform their boss of their filing status and dependents, used to calculate how much to deduct from their pay.
12. The total annual earnings reduced by specific allowable deductions like certain retirement contributions or student loan interest (acronym).
14. The formal report submitted to a revenue agency detailing income, expenses, and the final computation of one's liability.
17. The document sent by an employer detailing an individual's total wages and the amount of money subtracted for government purposes during the year.