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.: Glossary
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Glossary
Terms in glossary: 113.
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TeleFile
An interactive computer program that allows a qualified taxpayer to file a simple federal tax return electronically with the IRS using a toll-free number. The IRS determines which taxpayers can use the TeleFile option and mails those taxpayers a TeleFile booklet explaining the process.
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tip income
Money and goods received for services performed by food servers, baggage handlers, hairdressers, and others. Tips go beyond the stated amount of the bill and are given voluntarily.
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transaction taxes
Taxes on economic transactions, such as the sale of goods and services. These can be based on a set of percentages of the sales value (ad volorem-sales taxes), or they can be a set amount on physical quantities ("per unit"-gasoline taxes).
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transmit
To send a tax return to the IRS electronically. Tax returns prepared on paper can be sent through the mail.
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Transmitter
Sends the electronic return data directly to the IRS.
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underground economy
Money-making activities that people don't report to the government, including both illegal and legal activities.
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user fee
An excise tax, often in the form of a license or supplemental charge, levied to fund a public service.
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user tax
A tax that is paid directly by the consumer of a good, product, or service.
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vertical equity
The concept that people in different income groups should pay different rates of taxes or different percentages of their incomes as taxes. "Unequals should be taxed unequally."
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voluntary compliance
A system of compliance that relies on individual citizens to report their income freely and voluntarily, calculate their tax liability correctly, and file a tax return on time.
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Volunteer Income Tax Assistance
This provides free income tax return preparation for certain taxpayers. The VITA program assists taxpayers who have limited or moderate incomes, have limited English skills, or are elderly or disabled. Many VITA sites offer electronic preparation and transmission of income tax returns.
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wages
Compensation received by employees for services performed. Usually, wages are computed by multiplying an hourly pay rate by the number of hours worked
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withholding
Money, for example, that employers withhold from employees paychecks. This money is deposited for the government. (It will be credited against the employees' tax liability when they file their returns.) Employers withhold money for federal income taxes, Social Security taxes and state and local income taxes in some states and localities.
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