Shows money made from interest in savings/CD/bonds or if you were a subcontractor (independent contractor) for a company during the year

Sent by employer to show how much money you made

Tax return form that is used to determine taxes you owe or refund gov't owes to you (the one you will most likely use for several years)

A stated amount that you may subtract from adjusted gross income instead of itemizing your deductions

Federal Income Contributions Act; money taken out for medicare

Federal Income Contributions Act; money taken out for social security

Selected expenses one can subtract from adjusted gross income if the total amount of these deductions exceeds one's standard deduction.

will have the most money taken out of your paycheck and gives you the best chance at getting a refund

people you can claim on your taxes; usually a spouse or child(ren)

Higher income earners pay larger percentage

take a larger percentage from low-income earners

Equal across the board

collected from our financial earnings