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Salary, bonuses, tips, gambling gains

Taxable income

Money put in an IRA or 401k

Nontaxable income

IRS

Part of the Treasury Dept

FICA

aka Social Security Tax

Federal Income Tax

Pays for national defense and social programs

State Income Tax

Public education, Police and Fire Depts. and roads

Voluntary Compliance

People are expected to prepare and file their taxes

Social Security Taxes

Pay for retirement and disability benefits

W-2 Form

Summarizes what you've earned and how much the employer withheld for taxes

1040 ez

Form used for single persons with no dependents

Tax exemption

Reduces or eliminates your obligation to pay taxes

Dependent exemptions

Children who live with you for more than half a year, are Under 19 years old (24 if a full time student)

Personal exemptions

Reduces your taxable income if you are not a dependent

W-4 Form

Employee's withholding allowance certificate

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