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16 Cards in this Set
- Front
- Back
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Tax Liability
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Total amount of taxes you owe.
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Inheritance Tax
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State tax collected on the property left by a person in his or her will.
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Estate Tax
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Federal tax collected on the value of a person's property at the time of his or her death.
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Withhold
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Take out.
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Income Tax Return
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Form on which you report how much money you received from working and other sources and the exact taxes, if any, that you owe.
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Exclusion
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Income that is not included in your gross income.
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Adjusted Gross Income
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Gross income after certain deductions are made.
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Taxable Income
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Adjusted gross income less any allowable tax deductions and exemptions.
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Tax Deduction
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Expense that you are allowed to subtract from your adjusted gross income to arrive at your taxable income.
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Exemption
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Deduction from your adjusted gross income for yourself, your spouse, and qualified dependents.
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Gift Tax
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Tax collected on money or property valued at more than $11,000, given by one person to another in a single year.
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Earned Income
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Money you receive from working.
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Gross Income
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All the money you get without deductions.
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Net Income
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A company's profit.
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Tax Credit
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Amount subtracted directly from the amount of taxes you owe.
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Tax Audit
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Detailed examination of your tax return by the IRS.
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