Solution Manual For income tax
fundamentals 2023,-2024 41st
edition by Gerald whittenburg,
Steven Gill
tax liability - ANS-Total amount of tax a
... [Show More] person owes.
estate tax - ANS-Is tax collected on the value of a person's property at the
time of his or her death.
inheritance tax - ANS-A tax collected on the property left to you by a person
in his or her will.
income tax - ANS-Tax paid to the state, federal, and local governments
based on income earned over the past year.
income tax return - ANS-A form on which a taxpayer reports how much
money he or she received from work and other sources, and the exact
taxes that are owed.
exclusion - ANS-Income that is not subject to taxes.
adjusted gross income - ANS-Gross income after calculating certain
reductions to income.
taxable income - ANS-Income on which tax must be paid; total income
minus exemptions and deductions.
tax deduction - ANS-An expense that you are allowed to subtract from your
adjusted gross income to figure your taxable income.
standard deduction - ANS-An amount of money set by the IRS that is not
taxed.
itemized deduction - ANS-A specific expense, such as medical expense,
that you deduct from your adjusted gross income.
exemption - ANS-A deduction from adjusted gross income for the taxpayer,
the spouse, and qualified dependents.
tax credit - ANS-An amount of money that can be subtracted directly from
owed taxes.
allowance - ANS-An adjustment to the tax withheld from a paycheck.
extension - ANS-An extended deadline for filing an income tax return.
tax audit - ANS-A reveiw of a tax return by the IRS in which the taxpayer
must show proof of all deductions, expenses, and income.
excise tax - ANS-A tax on specific goods and services (such as gasoline,
air travel, and telephone service) collected by federal and state
governments.
dependent - ANS-Someone you support financially.
negligence - ANS-The failure to take ordinary or reasonable care to prevent
accidents from happening, a lack of attention.
levy - ANS-To use government authority to collect a tax.
clarification - ANS-The act of making clear or understandable, an
explanation.
jeopardizing - ANS-Placing in danger [Show Less]