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Vocab Chapter 7

Personal Finance

taxable income the income on which you will pay tax
tax credit an amount subtracted directly from the tax owed
standard deductions a stated amount that you may subtract from adjusted gross income instead of itemizing your deductions
itemized deductions expenses you can subtract from adjusted gross income to determine your taxable income
gross income all the taxable income you receive
filing status describes your tax-filing group, which is based on your marital status as of the last day of the tax year
exemption an amount you may subtract from your income for each person who depends on your income to live
dependent a person who lives with you and for whom you pay more than half his or her living expenses
adjusted gross income the amount left after these adjustments are subtracted from gross income
voluntary compliance all citizens are expected to prepare and file tax returns of their own accord without force
tax evasion willful failure to pay taxes
tax brackets income tax ranges from 10 to 35 percent based on income
revenue incoming funds to the government
audit an examination of tax returns
proportional taxes taxes for which the rate stays the same, regardless of income (property taxes, gasoline tax, sales tax)
progressive taxes take a larger share of income as the amount of income grows (income tax)
Created by: holly107roberts