Argylls PF Tax Terms
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| total amount of taxes owed | Tax Liability
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| Federal tax collected on a person's property at death | Estate Tax
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| State tax collected on a person's property at death | Inheritance tax
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| Tax on wages, salaries and earnings | Income tax
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| IRS | Internal Revenue Service
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| Tax-exempt income not subject to taxes | Exclusion
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| Your gross income after reductions | Adjusted Gross Income
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| Adjusted gross income minus deductions and exemptions | Taxable income
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| An expense that you can subtract from your adjusted gross income | Tax Deduction
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| Every taxpayer receives this type of deduction | Standard
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| A specific expense you may take off of your AGI. | Itemized deduction
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| A deduction for yourself, spouse and dependents | Exemption
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| Tax form used to indicate allowances | W-4
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| Filing a tax return with your spouse | Joint return
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| Considered to be the simpilist tax form to complete | Form 1040EZ
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| Your employer sends this tax form by Jan. 31st which shows wages earned and taxes withheld | W-2 Form
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| IRA | Individual Retirement Account
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| Interest and Dividends are shown on this tax form | 1099
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| IRS examines your tax return | Tax audit
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| Seven states do not have this type of tax | State income tax
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| Date your tax return is due | April 15th
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| Many self-employed indivduals pay these type of taxes | Estimated
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| Income from stocks and mutual funds | Dividend
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| OASDI | Old Age and Survivors Disability Insurance
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| Income from a Roth IRA is this | Tax exempt
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Created by:
mgargylls
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