Common Tax Terms
Withholding | Filing Status | Gross Income | Capital Gains
Withholding
This refers to part of the paycheck which is send by employer directly to government every month in lieu of partial income tax payment on your behalf. This withholding amount is based on total allowances that are claimed by employee on his or her W-4.
According to Kros-check, experts in providing Financial services Bangalore, if someone claims several allowances then such employee will owe money when time comes to pay taxes. On the other hand, if someone underpays then he or she may have to face penalty when time comes to file tax returns.
Filing Status
Your relationship status will primarily depend upon whether you are single or married and it will dictate whether you will be able to claim certain tax breaks.
Few of the filing status you can choose from include:
1. Single
2. Married filing jointly
3. Head of household
Gross Income
This refers to total income amount that you have prior to considering taxes and deductions. Few of the common sources of gross income consist of capital gains, salary, dividends, tips, wages, and interests.



Capital Gains
As per Kros-check, the leading providers of income tax services Bangalore, capital gains refer to earnings that are included in your gross income.
You make capital gains when sale price for any type of asset is more thanits purchase price.
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