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PF C12

Income Tax Vocabulary

TermDefinition
Tax Liability total amount of taxes owed
estate tax federal tax collected on the value of a person's property at the time of his/her death
inheritance tax a state tax collected on the property left by a person to his/her heir(s) in a will
income tax a form (1040; 1040EZ) on which a taxpayer reports how much money he/she received from working and other sources and exact taxes that are owed
exclusion tax-exempt income or income that is not subject to taxes
adjusted gross income gross income after calculating certain reductions
taxable income adjusted gross income less any allowable tax deductions and exemptions
tax deduction an expense that you can subtract from your adjusted gross income to figure taxable income
standard deduction an amount of money set by the IRS that is not taxed
itemized deduction a specific expense that you deduct from your adjusted gross income
exemption a deduction from adjusted gross income for the taxpayer, the spouse and qualified dependents
tax credit amount of money that can be subtracted directly from taxes you owe
allowance an adjustment to tax withheld from your paycheck, based on marital status and dependents
extension an extended deadline for filing an income tax return
tax audit a detailed examination of your tax return by the IRS
Created by: Ckonie