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Chapter 7 - Federal Income Tax
adjusted gross income
Gross income minus allowed adjustments.
Money paid to support a former spouse.
A procedure whereby a tax return is questioned by the IRS.
Money paid to a former spouse to support dependent children.
Expenses allowed by law that are subtracted from adjusted gross income.
An allowance for each person dependent on the taxpayer's income.
All the taxable income received during the year, including wages, tips, salaries, interest, dividends, alimony, and unemployment compensation.
A listing of allowable deductions such as medical expenses, mortgage interest and tax payments, and contributions.
A tax based on the more income earned, the more tax paid.
A tax wherein the rate remains constant, regardless of the amount of your income.
A tax that decreases in proportion to increases in income.
Money collected by the government through taxes.
A base amount allowed according to filing status in lieu of itemizing deductions.
The net amount of income, after allowable exemptions and deductions, on which income tax is computed.
Willful failure to pay taxes.
A system whereby citizens are expected to prepare and file appropriate tax returns.