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Tax Credits
Amounts that taxpayers can subtract directly from the taxes they owe to the government, rather than from taxable income.
Form 1040EZ
A simplified tax form for individuals with uncomplicated tax situations, no longer in use after 2018.
Tax Liability
The total amount of taxes owed by an individual, corporation, or other entities to the tax authorities after all applicable deductions, credits, and exemptions.
Tax Withholding
The portion of an employee's wages that is not included in their paycheck because it is paid directly to the government as a prepayment of income tax.
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