Chapter 12 Taxes Vocabulary
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| Estate Tax | A federal tax collected on the value of a persons's property at the time of his/her death.
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| Inheritance Tax | A state tax collected on the property left by a person to his/ her heir(s) in a will.
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| Income Tax Federal Tax State Income Tax | Tax on wages, salaries, and self-employment earnings.
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| 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.
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| Exlusion | Tax-exempt income, or income that is not subject to taxes.
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| Adjusted Gross Income | Your gross income after calculating certain reductions.
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| Taxable Income | Your taxable income is your adjusted gross income less any allowable tax deductions and exemptions.
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| Tax Deduction | An expense that you can subtract from your adjusted gross income to figure your taxable income.
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| Standard Deduction | An amount of money set by the IRS that is not taxed.
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| Itemized Deduction | A specific expense, such as a medical expense, that you deduct from your adjusted gross income.
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| Exemption | A deduction from adjusted gross income for the taxpayer, the spouse, and qualified dependent.
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| Tax Credit | An amount of money that can be subtracted directly from the taxes you owe.
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| Allowance | An adjustment to the tax withheld from your paycheck, based on your marital status and whether you have dependents.
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| Extension | An extended deadline for filling and income tax return; but it does not delay you tax liability.
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| Tax Audit | A detailed examination of your tax return by the IRS.
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