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Personal Finance 12 Vocab
Terms in this set (26)
The total amount of taxes owed
The federal tax collected on the value of a persons property at the time of his or her death
A state tax collected on the property left by a person to his or her heirs and I will
The tax on wages shares salaries in self-employed earnings
income tax return
A form such as a 1040 or 1040EZ on which a taxpayer reports how much money here she received from working in other sources in the exact amount of taxes that are owed
tax-exempt income; income that is not subject to taxes
adjusted gross income
your gross income after calculated certain reductions
adjusted gross income less any allowable tax deductions and exemptions
and expense that you can subtract from your adjusted gross income to find your taxable income
an amount of money set by the IRS that is not taxed
a specific expense, such as a medical expense, that you deduct from your adjusted gross income
a deduction from adjusted gross income for the tax payer, the spouse, and qualified dependents
an amount of money that can be subtracted directly from taxes you owe
an adjustment to the tax withheld from your paycheck, based on your marital status & whether you have dependents
an extended deadline for filing an income tax return, but does not delay your tax liability
a detailed examination of your tax return by the IRS
Earned income includes _______.
Some states collect personal property taxes on ___________.
Amounts not included in gross income are __________.
Earnings on traditional IRA are ___-________.
Interest made on a municipal bond is ___-______.
gives, land, $20,000
The federal government collects gift taxes if a person _____ someone _____ worth ______.
You subtract tax credit from _____ ____.
deducts itemized expenses
A person who _______ ________ ________ (medical costs) files a 1040 tax form.
What type of itemized deduction is subject to limitations?
fails, quarterly payments
Self-employment is subject to penalty if he or she _____ to make ________ ________ on time.
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