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

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

The total amount of money earned

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

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

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

The amount of money an employee takes home after taxes

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

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

Provides payments to eligible retirees and disabled people

A fixed amount all people are allowed to deduct from their AGI to reduce their tax liability

The difference between what workers earn and what they get to keep and use

Money collected by a government from its citizens for the purpose of operating the government

A formal report to the IRS that contains all the information relative to a person's income taxes for a specific year