Family Project Definitions
- Salary – Fixed compensation for services, paid to a person on a regular basis.
- Wage – Payment for labor or services to a worker, especially remuneration on an hourly, daily, or weekly basis or by the piece.
- 1040 – The basic form you file annually with the IRS.
- Income Tax - The main source of revenue for the federal government and many states.
- Deductions - Expenses allowed by the IRS that reduce your taxable income.
- Dependent – Someone you support who you can claim as an exemption.
- Exemption – A deduction from taxable income for you, your spouse, and your qualifying dependents.
- Payroll Tax – A tax based on wages, tips, and salaries paid. Part of the tax is deducted from the employee’s pay, and the employer pays the rest.
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