Personal Finance 3 Taxes/Finances

All three are types of taxes except

• Evaluation (Appraisal) Tax

• Purchase (Sales) Tax

• Earning (Income) Tax

• Property (Real Estate) Tax

AGI means:

• Adjusted General Income

• Adjusted Gross Income

• Annual Gross Interest

• Amended General Investment

Income on which tax is computed: Gross income minus allowable deductions?

• Net Income

• Gross Income

• Passive Income

• Investment Income

Income before allowable deductions:

• Passive Income

• Net Income

• Investment Income

• Gross Income

Includes wages, salary, commissions, fees, tips, and bonuses:

• Earned Income

• Gross Income

• Passive Income

• Investment Income

Results from business activites in which you do not directly participate, such as a limited partnership:

• Passive Income

• Net Income

• Gross Income

• Investment Income

Money received in the form of dividends, interest, or rent from investments.

• Gross Income

• Investment Income

• Earned Income

• Passive Income

Income that will be taxed at a later date, such as earnings from an traditional individual retirement account (IRA)

• Tax Deferred Income

• Owner Occupancy Tax

• Homestead Tax

• Agricultural CAUV

Gross income reduced by certain adjustments to income such as contributions to a traditional IRA, Keogh, or Alimony payments:

• Adjusted Gross Income

• Tax Exemption

• Adjusted Deductions

• Tax-Deferred Income

The amount subtracted from adjusted gross income (AGI) to arrive at taxable income is known as:

• Adjusted deduction

• Tax-deferred income

• Tax exemption

• Tax deduction