APF Chapter 3 Vocabulary

Gross income less adjustments.

• Adjusted Gross Income
• Exempt Status
• Estimated Tax
• Taxable Income

An examination of income tax returns by the IRS.

• Adjusted Gross Income
• Exempt Status
• Gross Income
• Audit

The amount of tax you estimate you will owe on income received without withholdings.

• Adjusted Gross Income
• Audit

• Estimated Tax
• Taxable Income

Available only to those who know they will not earn enough in one year to owe income tax.

• Adjusted Gross Income
• Taxable Income
• Exempt Status
• Estimated Tax

An amount you may subtract from your income for each person who depends on your income to live.

• Exemption
• Exempt Status
• Gross Income
• Estimated Tax

Your tax-filing group based on your marital status as of the last day of the tax year.

• Exemption
• Filing Status
• Gross Income
• Estimated Tax

All of the taxable income you receive during the year.

• Exemption
• Filing Status
• Gross Income
• Proportional Tax

Expenses you can subtract from adjusted gross income to determine your taxable income.

• Exemption
• Itemized Deductions
• Progressive Tax
• Proportional Tax

A tax that takes a larger share of one's income as the amount of income grows.

• Exemption
• Itemized Deductions
• Progressive Tax
• Proportional Tax

A tax for which the rate stays the same regardless of one's income.

• Tax
• Itemized Deductions
• Progressive Tax
• Proportional Tax