Income calculated by taking total income and subtracting allowable amounts including contributions to certain retirement accounts, alimony payments, interest paid on student loans, and other expenditures identified by the IRS.

• gross income

• capital gains

• adjusted gross income

• gross pay

A taxable gain that occurs when you sell an asset for more than what you paid for it.

• adjusted gross income

• capital gains

• gross income

• gross pay

Total amount of a person's income from (almost) any source

• adjusted gross income

• capital gains

• gross income

• gross pay

The total amount of money earned

• adjusted gross income

• capital gains

• gross income

• gross pay

A branch of the U.S. Treasury Department, is the government body that carries out the federal tax system

• adjusted gross income

• capital gains

• gross pay

• Internal Revenue Service (IRS)

Specific expenses that, under tax law, can be deducted from income to reduce the amount of income subject to income tax.

• itemized deductions

• Medicare

• net pay

• personal income taxes

Provides health care coverage to mostly older Americans and some younger disabled people.

• itemized deductions

• Medicare

• net pay

• personal income taxes

The amount of money an employee takes home after taxes

• itemized deductions

• Medicare

• net pay

• personal income taxes

Includes federal income taxes and, in those states that have them, state income taxes

• Medicare

• net pay

• personal income tax

• payroll taxes

Federal and state taxes withheld from a person's paycheck and sent to the government by his employer

• Medicare

• itemized deductions

• payroll taxes

• Social Security