key terms review\nmatch the terms with the definitions. some terms may not be used.\n1. gross income minus…

key terms review\nmatch the terms with the definitions. some terms may not be used.\n1. gross income minus adjustments\n2. an amount subtracted from your income for each dependent\n3. tax owed on income for the year\n4. reduction in tax owed deducted directly from your tax liability\n5. your tax filing group based on marital status\n6. condition whereby you will owe no income tax on earnings\n7. all taxable income received in a year\n8. amount of tax based on income received without tax withholdings\n9. expenses you can subtract from adjusted gross income to determine your taxable income\na. adjusted gross income\nb. estimated tax\nc. exempt status\nd. exemption\ne. filing status\nf. gross income\ng. itemized deductions\nh. tax credit\ni. tax liability\nj. taxable income\ncheck your understanding\n10. how is gross income different from taxable income?\n11. how are deductions different from tax credits?\n12. what are some advantages of e - filing?

key terms review\nmatch the terms with the definitions. some terms may not be used.\n1. gross income minus adjustments\n2. an amount subtracted from your income for each dependent\n3. tax owed on income for the year\n4. reduction in tax owed deducted directly from your tax liability\n5. your tax filing group based on marital status\n6. condition whereby you will owe no income tax on earnings\n7. all taxable income received in a year\n8. amount of tax based on income received without tax withholdings\n9. expenses you can subtract from adjusted gross income to determine your taxable income\na. adjusted gross income\nb. estimated tax\nc. exempt status\nd. exemption\ne. filing status\nf. gross income\ng. itemized deductions\nh. tax credit\ni. tax liability\nj. taxable income\ncheck your understanding\n10. how is gross income different from taxable income?\n11. how are deductions different from tax credits?\n12. what are some advantages of e - filing?

Answer

Brief Explanations:

  1. a; 2. d; 3. i; 4. h; 5. e; 6. c; 7. f; 8. i; 9. g. For 10 - 12, gross income is total income before deductions, taxable income is after. Deductions reduce income, credits reduce tax. E - filing is fast, accurate, and convenient.

Answer:

  1. a. adjusted gross income
  2. d. exemption
  3. i. tax liability
  4. h. tax credit
  5. e. filing status
  6. c. exempt status
  7. f. gross income
  8. i. tax liability
  9. g. itemized deductions
  10. Gross income is total income before deductions; taxable income is after.
  11. Deductions reduce income, tax credits reduce tax.
  12. Fast, accurate, convenient.