Outline_3_Vocabulary - Dependent Care Assistance Program...

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Outline 3 Vocabulary Understand the PURPOSE of each provision and the definition. Tax Credit Regressive nature of certain taxes Refundable credit Nonrefundable credit Carryover provision Earned income credit Earned income Credit percentage Phased out Thresholds Earned Income Credit Table Advance payment Negative income tax Tax credit for the elderly and disabled Foreign tax credit Mitigating double taxation Foreign taxes imposed Overall limitation Foreign source taxable income Worldwide taxable income Unused FTC’s Carryover provisions Child Tax credit Credit for child and dependent care expenses Employment related expenses Deemed amount
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Unformatted text preview: Dependent Care Assistance Program American Opportunity Credit Lifetime Learning Credit Available per student Calculated per taxpayer Double tax benefit Making work pay credit Payment procedures Pay-as-you-go approach Employment taxes FICA FUTA Social Security tax Medicare tax Excess FICA tax Income tax withholding Form w-4 Withholding allowance Payroll period w-2 Self-employed person Estimated tax Quarterly payment Estimated tax penalty Self-employment tax Net-earnings from self-employment Foreign eared income exclusion Foreign earned income Revocation of election...
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Outline_3_Vocabulary - Dependent Care Assistance Program...

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