Income Tax Fundamentals exam 2023 with 100% correct answers
tax liability correct answersTotal amount of tax a person owes. estate tax correct answersIs tax collected on the value of a person's property at the time of his or her death. inheritance tax correct answersA tax collected on the property left to you by a person in his or her will. income tax correct answersTax paid to the state, federal, and local governments based on income earned over the past year. income tax return correct answersA 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 correct answersIncome that is not subject to taxes. adjusted gross income correct answersGross income after calculating certain reductions to income. taxable income correct answersIncome on which tax must be paid; total income minus exemptions and deductions. tax deduction correct answersAn expense that you are allowed to subtract from your adjusted gross income to figure your taxable income. standard deduction correct answersAn amount of money set by the IRS that is not taxed. itemized deduction correct answersA specific expense, such as medical expense, that you deduct from your adjusted gross income.
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