Across
- 6. gift made by an individual or an organization to a nonprofit organization, charity or private foundation
- 7. Deduction portion of income which is not subject to tax and can be used to reduce a tax bill
- 10. eligible expenses individual taxpayers can claim on federal income tax returns which decrease their taxable income
- 12. income which results from the personal labor or service of an individual
Down
- 1. Income income which is not gained by labor, service or skill
- 2. direct tax levied on income of a person
- 3. total amount of tax debt owed by an individual, corporation or other entity to a taxing authority such as the Internal Revenue Service (IRS)
- 4. form the individual submits to a federal, state or local taxing agency to report income, calculate and pay taxes
- 5. savings on a taxpayer’s liability
- 8. range of incomes subject to a certain income tax rate
- 9. amount of money a taxpayer can subtract from taxes owed to the government
- 11. deduction which lowers a person’s tax liability by lowering taxable income