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Personal Finance #2 Word Scramble

 
 


 

 
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Question Answer
Money collected by the government through taxesREVENUE
Taxes that take a larger share of income as the amount of income growsPROGRESSIVE TAXES
Taxes for which the rate stays the same regardless of income; also called flat taxesPROPORTIONAL TAXES
Taxes that take a smaller share of income as the amount of income growsREGRESSIVE TAXES
Stated amount taxpayers may subtract from adjusted gross income instead of itemizing their deductionsSTANDARD DEDUCTION
Income ranges to which different tax rates applyTAX BRACKET
Willful failure to pay taxesTAX EVASION
A tax on the sale or use of specific products or transactionsEXCISE TAX
An amount taxpayers may subtract from their income for each person who depends on their income to liveEXEMPTION
All the taxable income received during the year, including wages, tips, salaries, interest, dividends, alimony, and unemployment compensationGROSS INCOME
Gross income minus allowed adjustmentsADJUSTED GROSS INCOME
Money paid for a former spouse to support dependent childrenALIMONY
Expenses the law allows taxpayers to subtract from their adjusted gross income to determine their taxable incomeDEDUCTION
Income on which you will pay taxTAXABLE INCOME
An examination of a tax return by the IRSAUDIT
An amount subtracted directly from the tax owedTAX CREDIT