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chapter 12 personal finance
Terms in this set (26)
is the total amount of tax owned
federal tax collected on the value of a person property at the time of his or her death
state tax collected on the property left by a persons's heirs in a will
tax on wages, salaries and self employed earnings
income tax return
form, such as 1040 or 1040EZ, on which a tax payer reports how much money he/she received from working at other resources
is the dollar amount that non-itemizers may subtract their income before income tax is applied
are eligible expenses that individual taxpayers can claim on federal income tax returns and which can decrease their taxable income.
the process of exempting a person from paying taxes on a specified amount of income fro themselves and their dependents
an amount of money that can be offset against a tax liability
adjusted gross income
your gross incoming after calculating certain reductions
sum of money paid regularly to person, typically to meet specified needs or expenses
generally described as gross income or adjusted gross income minus any deductions or exemptions allowed in that year
a part that is added to something to enlarge or prolong it; a continuation
is a reduction of income that is able to be taxed and is commonly a result of expenses, particularly those incurred to produce additional income
is an examination of your tax by the IRS to verify that your income and deductions are accurate
The tax a person pays when he or she buys a music CD is
An example of an inheritance tax is the money collect on what?
property left in a will
The federal government's leading source of revenue is what?
In which category do tip belong?
An exemption is subtracted from a person's
adjusted gross income
The money a person receives from the government when he or she pays too much in taxes is called a tax
A W-4 form determines the amount an employee will
make in estimated payments
If a person cannot file his or her federal tax return by April 15, he or she must file
What is the last step a person performs when preparing his or her tax return?
subtracting tax owed from tax withheld
Which amounts are tax-deferred?
investments in IRAs
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