Busy. Please wait.

show password
Forgot Password?

Don't have an account?  Sign up 

Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
We do not share your email address with others. It is only used to allow you to reset your password. For details read our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
Don't know
remaining cards
To flip the current card, click it or press the Spacebar key.  To move the current card to one of the three colored boxes, click on the box.  You may also press the UP ARROW key to move the card to the "Know" box, the DOWN ARROW key to move the card to the "Don't know" box, or the RIGHT ARROW key to move the card to the Remaining box.  You may also click on the card displayed in any of the three boxes to bring that card back to the center.

Pass complete!

"Know" box contains:
Time elapsed:
restart all cards
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Chapter 12 Taxes

Chapter 12 Taxes Vocabulary

Estate Tax A federal tax collected on the value of a persons'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 Federal Tax State Income Tax Tax on wages, salaries, and self-employment earnings.
Income Tax Return A form on which a taxpayer reports how much money he/she unreceived from working and other sources and the exact taxes that are owed.
Exlusion Tax-exempt income, or income that is not subject to taxes.
Adjusted Gross Income Your gross income after calculating certain reductions.
Taxable Income Your taxable income is your 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 your taxable income.
Standard Deduction An amount of money set by the IRS that is not taxed.
Itemized Deduction A specific expense, such as a medical expense, that you deduct from your adjusted gross income.
Exemption A deduction from adjusted gross income for the taxpayer, the spouse, and qualified dependent.
Tax Credit An amount of money that can be subtracted directly from the taxes you owe.
Allowance An adjustment to the tax withheld from your paycheck, based on your marital status and whether you have dependents.
Extension An extended deadline for filling and income tax return; but it does not delay you tax liability.
Tax Audit A detailed examination of your tax return by the IRS.
Created by: s165591