Shared Flashcard Set

Details

consumer econ vocabulary
vocaubluary
19
Accounting
12th Grade
12/16/2012

Additional Accounting Flashcards

 


 

Cards

Term
tax liability
Definition
total amount of tax owed
Term
estate tax
Definition
federal tax collected on persons property at their time of death
Term
inheritance tax
Definition
state tax collected of persons property left to heirs
Term
income tax
Definition
tax on salaries, wages and self employed earnings
Term
income tax return
Definition
forms used to determine tax liability
Term
exclusion
Definition
income that is not subject to tax
Term
adjusted gross income
Definition
gross income after certain reductions or adjustments
Term
taxable income
Definition
gross income less any allowable tax deductions or exceptions
Term
tax deduction
Definition
expense subtracted from adjusted gross income to figure taxable income
Term
standard deduction
Definition
amount of money set by the irs that is not taxed
Term
itemized deduction
Definition
specific expense deducted from adjusted gross income
Term
exemption
Definition
deductions from adjusted gross income for the taxpayer, souse and qualified deptendents
Term
tax credit
Definition
amount of money that can be subtracted directly from the taxed owed
Term
allowance
Definition
adjusted to the tax withheld from a paycheck
Term
extension
Definition
extended deadline for filing a tax return
Term
tax audit
Definition
detailed examination of tax return by the irs
Term
dependent
Definition
someone supported financially by the taxpayer
Term
excise tax
Definition
tax on a specific item
Term
income
Definition
any money recieved
Supporting users have an ad free experience!