H&R Block Chapter 2 terms questions with complete solution 2023

H&R Block Chapter 2 terms.Community Income Income of a married couple, living in a community property state, that is considered to belong equally to each spouse, regardless of which spouse receives the income. community property Property considered to belong in equal shares to a husband and wife. dependent an individual whose personal exemption may be claimed on another person's income tax return exemption An amount allowed by law as a reduction of income that would otherwise be taxed. Gross Income Total worldwide income received in the form of money, property, or services that is subject to tax. Joint Return A return combining the income, exemptions, credits, and deductions of a married couple, resulting in a joint tax liability Married Filing Jointly the filing status used by a couple who are married at the end of the tax year and not legally seperated under a final decree of divorce or seperate maintenance Married Filing Separately The filing status used by a married couple who chooses to record their respective incomes, exemptions, and deductions on separate individual tax returns. standard deduction A base amount of income not subject to tax.