Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account. Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Chapter 12 Taxes

Chapter 12 Taxes Vocabulary

TermDefinition
Estate Tax A federal tax collected on the value of a persons's property at the time of his/her death.
Inheritance Tax A state tax collected on the property left by a person to his/ her heir(s) in a will.
Income Tax Federal Tax State Income Tax Tax on wages, salaries, and self-employment earnings.
Income Tax Return A form on which a taxpayer reports how much money he/she unreceived from working and other sources and the exact taxes that are owed.
Exlusion Tax-exempt income, or income that is not subject to taxes.
Adjusted Gross Income Your gross income after calculating certain reductions.
Taxable Income Your taxable income is your adjusted gross income less any allowable tax deductions and exemptions.
Tax Deduction An expense that you can subtract from your adjusted gross income to figure your taxable income.
Standard Deduction An amount of money set by the IRS that is not taxed.
Itemized Deduction A specific expense, such as a medical expense, that you deduct from your adjusted gross income.
Exemption A deduction from adjusted gross income for the taxpayer, the spouse, and qualified dependent.
Tax Credit An amount of money that can be subtracted directly from the taxes you owe.
Allowance An adjustment to the tax withheld from your paycheck, based on your marital status and whether you have dependents.
Extension An extended deadline for filling and income tax return; but it does not delay you tax liability.
Tax Audit A detailed examination of your tax return by the IRS.
Created by: s165591
Popular Finance sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards