Earned Income - Money you receive from working, Unearned Income - Money you receive from investing, accumulating interest on bank accounts etc., Gross Pay - 10 hours a week @ $15.00 and hour, Net Pay - Gross Pay - payroll deductions, Standard deduction - A specific dollar amount that reduces the amount of income on which you're taxed, Federal Withholding, NYS Tax, Social Security Tax, Medicare Tax - Payroll taxes, W-4 form - tells your employer how much to take out in payroll taxes, W-2 Form - is the document an employoer is required to send to each employee and the IRS at the end of the year, 1040 Form - The official document that US taxpayers use to file their annual income tax return, IRS Tax Table - The chart that displays the amount of tax due based on income received, Taxable Income - Income - Standard Deduction, Tax refund - Box 2 - tax owed (from IRS Tax Table),

Outline for Taxes

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