Personal Finance #2 Word Scramble
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Question | Answer |
Money collected by the government through taxes | REVENUE |
Taxes that take a larger share of income as the amount of income grows | PROGRESSIVE TAXES |
Taxes for which the rate stays the same regardless of income; also called flat taxes | PROPORTIONAL TAXES |
Taxes that take a smaller share of income as the amount of income grows | REGRESSIVE TAXES |
Stated amount taxpayers may subtract from adjusted gross income instead of itemizing their deductions | STANDARD DEDUCTION |
Income ranges to which different tax rates apply | TAX BRACKET |
Willful failure to pay taxes | TAX EVASION |
A tax on the sale or use of specific products or transactions | EXCISE TAX |
An amount taxpayers may subtract from their income for each person who depends on their income to live | EXEMPTION |
All the taxable income received during the year, including wages, tips, salaries, interest, dividends, alimony, and unemployment compensation | GROSS INCOME |
Gross income minus allowed adjustments | ADJUSTED GROSS INCOME |
Money paid to support a former spouse. | ALIMONY |
Expenses the law allows taxpayers to subtract from their adjusted gross income to determine their taxable income | DEDUCTION |
Income on which you will pay tax | TAXABLE INCOME |
An examination of a tax return by the IRS | AUDIT |
An amount subtracted directly from the tax owed | TAX CREDIT |
Money paid to a former spouse to support your children. | CHILD SUPPORT |
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