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20 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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Excise tax
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tax collected by federal and state governments on specific goods and services
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Estate tax
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tax collected on the value of a persons property
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Inheritance tax
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tax collected on the property left by a person in his or her will
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Withhold
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take out social security and income tax payments from your paycheck and send the money to the IRS
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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
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Earned income
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is the money you receive for working
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Interest income
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interest that you receive from banks , credit unions, and savings and loan associations
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Dividend income
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includes the cash dividends that you receive from investments
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exclusion
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amount of income that is not included in your gross income
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adjusted gross income
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gross income after certain reductions have been 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 allowed to subtract from your adjusted income to arrive at your taxable income
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standard deduction
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amount set by the IRS on which no taxes are paid
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itemized deduction
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specific expense that you deduct from your adjusted gross 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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tax credit
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amount subtracted directly from the amount of taxes you owe
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allowance
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adjustment to the tax withheld from your paycheck, based on your marital status and whether you are supporting other people with your money
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gift tax
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is a tax collected on money or property valued more than $10,000, given by one person to another in a single year
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tax audit
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detailed examination of your tax return by the IRS.
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