This is the total income, minus certain amounts, like deductible IRA contribution or student loan interest.
Money that the taxpayers owe to the government when the total tax is greater than their total tax payment.
This is a Permanent Dividend Fund Paid directly by the Alaska State Government. This is a non-taxable income under the State Government but is subjected to Federal Income Tax.
This a special type of tip income amount allocated when an individual is employed in any food and beverage institutions.
A qualifying child or qualifying relative, other than the taxpayer or spouse. A Dependent is the one who entitles the taxpayer to claim a dependency exemption.
This is a deduction made from an individual’s wages for childcare or other dependent care welfares.
This is a method of allowing tax refunds to be deposited directly to the taxpayer's bank account. Direct Deposit is a fast, simple, safe, secure way to get a tax refund.
A tax that cannot be shifted to others, such as the federal income tax.
This is the amount of money a citizen earns and it includes wages, salaries, tips, includible in gross income, and net earnings from self-employment earnings. Earned Income applies whether you receive a paycheck or you are self-employed and pay yourself.
A refundable tax credit targeted at workers who make low to moderate incomes.
It is a method or process of transmitting tax information directly to the IRS using telephones or computers. There are two ways for Electronic filing.
When money is withdrawn from individual retirement account before age 59 1/2, the individual will generally have to pay a 10 percent penalty known as early withdrawal penalty.
Electronic preparation means that tax preparation software and computers are used to complete tax returns. Electronic tax preparation helps to reduce errors.
Employer Identification Number, used by employees to identify their employers to the IRS.
A type of deduction claimed for yourself, your spouse (if filing jointly), and each your dependents.
This is a type of grant that is generally received for educational or scholarly purposes.
A category of taxpayer. Each taxpayer must select a filing status on their tax return. Filing status determines things such as your overall tax rate and your eligibility and income limits for various credits and deductions.
The total amount of income that you must report on your tax return. This is nothing but your income before applying adjustments, exemptions, credits, and deductions.
A filing status claimed by taxpayers who are single but have qualifying dependent.
A person you pay to cook, clean, care for a dependent, etc. in your home. If you pay a household employee over a certain amount, you will be responsible for paying Social Security and Medicare taxes, and possibly Federal Unemployment taxes.
Individual Taxpayer Identification Number. A number used to identify foreign taxpayers to the IRS. Only taxpayers who do not have a Social Security Number must obtain an ITIN.
Investment Expenses are investment related expenses that can be deducted on the tax return.
A tax charged by a local government, such as a city or county.
A filing status claimed by married couples who wish to combine income and file a single tax return together in order to take advantage of various tax benefits.
A filing status claimed by married couples who do not wish to file a joint return and agree to report their income separately.
When a bond or note is issued at an amount lesser than its face value, the discount thus earned is the Original Issue Discount. A portion of this discount is annually recognized as taxable interest and is reported in Box 1 of Form 1099-OID.
A person who lived in a particular state for only part of the year but must file a state income tax return there.
Personal Identification Number. A five digit number used to securely "sign" an electronically submitted, or e-filed, tax return.
A filing status claimed by a taxpayer whose spouse has died during the tax year. This status entitles the taxpayer to the tax rates and benefits of a joint return. If a widow(er) has dependents and does not remarry, that person may be allowed to claim Qualifying Widow(er) status for 2 more years.
Money awarded for educational purposes. Scholarship funds used to pay for qualified expenses such as tuition, required fees, books, and supplies are generally considered nontaxable income.
A filing status claimed by those who are unmarried, divorced, or legally separated and who do not qualify for Head of Household status.
Your Adjusted Gross Income reduced by all applicable exemptions, credits, and deductions. The amount of income that is subjected to Federal and State tax.
This is the amount of interest income that is not subjected to Federal Income Tax.
Income from investments, such as interest, dividends and capital gains.
Money held back from your wages each payday to pay your income and Social Security taxes for the year.