1098 Mortgage Interest Statement1098 Mortgage Interest Statement
Alternative Minimum Tax (AMT)Alternative Minimum Tax (AMT)
Capital Gains TaxCapital Gains Tax
Capital LossCapital Loss
Child Tax CreditChild Tax Credit
Child and Dependent Care CreditChild and Dependent Care Credit
DependentDependent
Earned Income Tax Credit (EITC)Earned Income Tax Credit (EITC)
Estate TaxEstate Tax
Form 1040Form 1040
Income TaxIncome Tax
Itemized DeductionItemized Deduction
Standard DeductionStandard Deduction
Tax BracketTax Bracket
Tax CreditTax Credit
Tax DeductionTax Deduction
Tax FilingTax Filing
Tax Filing DeadlineTax Filing Deadline
Tax Filing ExtensionTax Filing Extension
Tax LiabilityTax Liability
Tax Loss HarvestingTax Loss Harvesting
Tax RefundTax Refund
Tax Refund Anticipation LoanTax Refund Anticipation Loan
Tax ReturnTax Return
Tax ShelterTax Shelter
Tax StatusTax Status
Tax WithholdingTax Withholding
W 9 FormW 9 Form
W-2W-2
Withholding AllowanceWithholding Allowance
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Tax Withholding

Definition

The portion of your paycheck that your employer sends directly to the government for taxes, which can be adjusted based on your financial situation.

What to consider

  • Maximize your contributions to benefit from tax breaks.
  • Compare different account options to see which suits your income best.
  • Stay updated on any changes to contribution limits or rules.

Real world scenarios

  • Shawna increases her W-4 allowances so she’s not overwithholding, freeing up extra cash in each paycheck.
  • When Dave changes jobs, he reviews the new payroll forms and updates withholdings to match his expected year-end taxes.
  • Estelle uses a tax calculator to gauge if her withholding is sufficient, avoiding a hefty tax bill or big refund come April.

Related terms

Form 1040
Tax Credit
W 9 Form
Capital Loss
Tax Loss Harvesting

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