Ch. 16 Vocabulary

Any difference between actual money spent and budget amount of money

A charge imposed by a government to finance public service

Results from wages, salary, commission, fees, tips and bonuses.

Result of earnings from dividends, interest and rent.

An amount that reduces taxable income. All taxpayers are eligible for a standard _____, an amount on which no taxes are paid.

A tax deduction for the taxpayer, a spouse and each dependent

An amount subtracted directly from taxes owed.

A report that summarizes your current financial condition.

A tax-sheltered retirement plan

A record of assets and liabilities at a point of time.