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Name: TAX TERMSYour income is TAXABLE. You are obligated to pay Federal Income Tax to the government through the Internal Revenue Service (IRS). Your employer WITHHOLDS some of your earnings and sends
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Tax terms refer to the specific language, definitions, and concepts used in tax laws and regulations.
Individuals, businesses, and organizations that earn income are required to file tax terms.
Tax terms can be filled out using tax forms provided by the government or with the help of a tax professional.
The purpose of tax terms is to accurately determine the amount of taxes owed by individuals, businesses, and organizations.
Income, deductions, credits, and other financial information must be reported on tax terms.
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