Filing your Taxes

A direct reduction of tax owed

• Credit

• Exclusion

• Amendment

• Deduction

Direct expenses taxpayers may subtract from their AGI before tax is determined

• Exclusion

• Deduction

• Credit

• Amendment

Income received that is not included in AGI

• Exclusion

• Deduction

• Credit

• Amendment

The sum of wages and taxable interest minus exclusions.

• Gross Income

• Adjusted Gross Income

• Taxable Income

• Net Income

The part of income you must pay taxes on.

• Gross Income

• Adjusted Gross Income

• Taxable Income

• Net Income

Tax paid on earned income

• Income tax

• FICA

• Estate tax

• Sales tax

Collected from employers and employees to provide retirement benefits such as social security and Medicare.

• Income tax

• FICA

• Estate tax

• Sales tax

Tax levied on assets after death

• Income tax

• FICA

• Estate tax

• Sales tax

Tax levied on the sale of goods and services

• Income tax

• FICA

• Estate tax

• Sales tax

The tax system in the US is a ______ tax system.

• Progressive

• Regressive

• Marginal

• Flat