Terms I
Terms II
Terms III
Terms IV
Hodge Podge
100
Gross income reduced by certain adjustments, such as contributions to an individual retirement account and alimony
What is adjusted gross income or AGI?
100
A tax imposed on specific goods and services, such as gasoline, cigarettes, alcoholic beverages, tires, and air travel.
What is an excise tax?
100
Income resulting from business activities in which you do not actively participate.
What is passive income?
100
The net amount of income, after allowable deductions, on which income tax is computed.
What is taxable income?
100
People work from January 1 to mid April. This day in April is know as...
What is "Tax Freedom Day"?
200
Profits from the sale of a capital asset such as stocks, bonds, or real estate.
What is a capital gains?
200
Money received from personal efforts, such as wages, salaries, commissions, tips and bonuses.
What is earned income?
200
A set amount on which no taxes are paid. (You are allowed to make this before you get taxed.)
What is a standard deduction?
200
Income that is not subject to tax.
What is tax exempt income?
200
Website where tax payers can get accurate information about filing their taxes.
What is irs.gov?
300
An amount not included in gross income.
What is an exclusion?
300
Expenses that can be deducted from AGI, such as medical expenses, charitable contributions, and certain work-related expenses.
What is an itemized deductions?
300
Income that will be taxed at a later date.
What is tax deferred income?
300
The use of illegal actions to reduce one's taxes. For example to lie or to cheat.
What is tax evasion?
300
FSA stands for ...
What is Flexible Spending Accounts?
400
A tax imposed on the value of a person's property at the time of death.
What is an estate tax?
400
A tax on the value of property bequeathed by a deceased person.
What is an inheritance tax?
400
An amount subtracted directly from the amount of taxes owed.
What is tax credit?
400
An amount subtracted from adjusted gross income to arrive at taxable income.
What is a tax deduction?
400
Personal income tax rate for Pennsylvania
What is 3.07%?
500
A deduction from adjusted gross income for yourself, your spouse, and qualified dependents.
What is an exemption?
500
Money received in the form of dividends, interest, or rent from investments.
What is investment income?
500
A detailed examination of your tax return by the IRS.
What is a tax audit?
500
The use of legitimate methods to reduce one's taxes.
What is tax avoidance?
500
Current sales tax rate in Pennsylvania.
What is 6%?
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