Amount that taxpayers can claim for each person

Is a category that determines the tax form you use and tax liability

Is a form of noncash compensation received in addition to a wage or salary

Is an allowed expense that you can deduct from your adjusted gross income.

Is a fixed amount that may be deducted from adjusted gross income.

Is earnings from sources other than work.

Is the payment and benefit you received for work performed.

Amount that is subtracted from your adjusted gross income

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Financial Literacy(Vocabulary 5)

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Questions 8

Answers

1
Exemption
Amount that taxpayers can claim for each person
Amount that is subtracted from your adjusted gross income
Is a fixed amount that may be deducted from adjusted gross income.
Is earnings from sources other than work.
2
Filing Status
Is a fixed amount that may be deducted from gross income.
Is not a category that determines the tax form you use and tax liability
Is a category that determines the tax form you use and tax liability
Is earnings from sources other than work.
3
Employee Benefit
Is a category that determines the tax form you use and tax liability
Is a form of noncash compensation received in addition to a wage or salary
Allowed expenses that you can deduct from your gross income.
Is Cash Money
4
Itemized Deduction
Is a category that determines the tax form you use and tax liability
Allowed medical expenses
Is an allowed expense that you can deduct from your adjusted gross income.
Amount subtracted from your adjusted gross income
5
Standard Deduction
Is an allowed expense that you can deduct from your adjusted gross income.
Amount that is subtracted from your adjusted gross income
Is a fixed amount that may be deducted from adjusted gross income.
Amount that taxpayers can claim for each person
6
Unearned Income
Is not the earnings from sources other than work.
Is a category that determines the tax form you use and tax liability
Is earnings from sources other than work.
Is not a category that determines the tax form you use and tax liability
7
Compensation
Is a fixed amount that may be deducted from gross income.
Is not payment received for the work performed.
Is earnings from sources other than work.
Is the payment and benefit you received for work performed.
8
Tax deduction
Is earnings from sources other than work.
Amount that is subtracted from your adjusted gross income
Is a category that determines the tax form you use and tax liability
Amount that taxpayers can claim for each person

Financial Literacy(Vocabulary 5) Flashcards | StudBud