Tax Terms
Taxable income before deductions
What is adjusted gross income?
A form to show how much money you make and taxes taken out.
What is the purpose of a W-2?
Standard Deduction Doubled
What is the main change
A bad reason to file a tax amendment
What is a mathematical error
The amount of money that can be subtracted directly from taxes owed
What is a tax credit?
The date of which your employer has to give you your W-2
When is January 31?
1.5 trillion dollars
What is the cost of the overhaul?
April 15
When a government official goes over your tax form to check for mistakes
What is an audit?
The thing Anthony complained about the government taking out of his pay on his W-2?
What is Medicare?
The lowest bracket income tax percentage
What is 10%?
a form specifically designed for mortgage interest
It is an amount of money taken off of your income that is not taxable
What is deduction?
A 9 digit number that is required to prove your identity
What is a social security number?
The name of the Obama administration's healthcare mandate that was removed
What is the affordable care act (ACA)
The amendment that made it legal for the government to levy an income tax
What is the 16th amendment
A loan specifically used for buying a home or real estate
What is mortgage?
The number that acts as a business entity's social security number
What is an employer identification number (EIN)?
Expires in 2025
What is many of the tax benefits set up to help individuals and families?
A sales tax proposal that would replace the current U.S. income tax structure
What is FairTax?