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