Entirety of Ch. 12 (20 words)
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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| tax liability | the TOTAL amount of TAXES a person OWES
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| excise tax | a tax collected by federal and state governments on specific GOODS and SERVICES
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| estate tax | a tax collected on the value of a person's PROPERTY at the time of his or her DEATH
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| inheritance tax | a tax collected on the property left by a person in his or her WILL
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| 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.
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| withhold | TO TAKE OUT Social Security and income tax payments from an employee's PAYCHECK and send the money to the IRS
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| 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
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| earned income | the MONEY a person receives for WORKING
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| interest income | the INTEREST a person receives from banks, credit unions, and savings and loan associations.
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| dividend income | distributions of money, stock, or other property that a corporation sometimes PAYS to STOCK-HOLDERS
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| 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.
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| adjusted gross income | a person's INCOME AFTER CERTAIN REDUCTIONS have been made, such as contributions to an IRA or interest on a loan
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| taxable income | a person's adjusted gross income LESS any allowable tax deductions and exemptions
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| 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
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| standard deduction | an amount set by the IRS on which NO TAXES ARE PAID
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| itemized deduction | a SPECIFIC expense, such as mortgage interest, that a person DEDUCTS from his or her adjusted gross income
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| exemption | a deduction from a person's adjusted gross income for that person, his or her SPOUSE, and qualified DEPENDENTS.
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| tax credit | an amount subtracted directly from the amount of taxes a person owes
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| 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
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| tax audit | a procedure where an IRS agent looks carefully at the tax returns you have filed
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Created by:
Mrs. Sutherland
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