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Ch. 12 Per Fi. Voc

Entirety of Ch. 12 (20 words)

tax liability the TOTAL amount of TAXES a person OWES
excise tax a tax collected by federal and state governments on specific GOODS and SERVICES
estate tax a tax collected on the value of a person's PROPERTY at the time of his or her DEATH
inheritance tax a tax collected on the property left by a person in his or her WILL
gift tax a tax collected on money or property valued at more than $10,000, GIVEN by one person to another in a single year.
withhold TO TAKE OUT Social Security and income tax payments from an employee's PAYCHECK and send the money to the IRS
income tax return A FORM on which a person reports how much money he or she received from working and other sources and the exact taxes, if any, that the person owes
earned income the MONEY a person receives for WORKING
interest income the INTEREST a person receives from banks, credit unions, and savings and loan associations.
dividend income distributions of money, stock, or other property that a corporation sometimes PAYS to STOCK-HOLDERS
exclusion an amount of income that is NOT INCLUDED in a person's gross income and is NOT subject to taxes; also called tax-exempt income.
adjusted gross income a person's INCOME AFTER CERTAIN REDUCTIONS have been made, such as contributions to an IRA or interest on a loan
taxable income a person's adjusted gross income LESS any allowable tax deductions and exemptions
tax deduction An expense that a person is allowed to SUBTRACT from his or her adjusted gross income to arrive at his or her taxable income
standard deduction an amount set by the IRS on which NO TAXES ARE PAID
itemized deduction a SPECIFIC expense, such as mortgage interest, that a person DEDUCTS from his or her adjusted gross income
exemption a deduction from a person's adjusted gross income for that person, his or her SPOUSE, and qualified DEPENDENTS.
tax credit an amount subtracted directly from the amount of taxes a person owes
allowance an ADJUSTMENT to the TAX WITHHELD from an employee's paycheck, based on his or her marital status and whether he or she is supporting other people with his or her money
tax audit a procedure where an IRS agent looks carefully at the tax returns you have filed
Created by: Mrs. Sutherland