Tax Terminology

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Across
  1. 2. an amount of income per person that is free from tax
  2. 3. money earned from labor or having a job—such as salary, wages, tips, bonuses, commissions
  3. 4. certain amounts subtracted from gross income--can include educator expenses; costs incurred by military reservists, performing artists and fee-based government officials; Health Savings Accounts, aka HSAs; moving expenses but only if you're in the armed forced; several self-employment related costs; savings withdrawal penalty amount; student loan interest; and traditional IRA deduction
  4. 5. a standard tax form showing the total wages paid to an employee and the taxes withheld during the calendar year: prepared by an employer for each employee
  5. 7. the total of all your income in a year—includes wages, salaries, commissions, bonuses, tips, interest, dividends, prizes, pension, sale of stock, and profit from a business
  6. 9. a payment to the tax payer when the tax liability is less than the taxes paid
  7. 11. earnings from things such as dividends, interest, rents, alimony, winnings, royalties
  8. 13. a sum that can be subtracted from the tax liability--reduces the overall tax liability
Down
  1. 1. expenses that can be listed and proven as more than the standard deduction that are deducted from income to calculate taxable income
  2. 4. the amount after subtracting adjustments to income from gross income
  3. 5. a tax that is withheld from an employee's wages and paid directly to the government by the employer
  4. 6. a fixed amount that is deducted from income to calculate taxable income
  5. 8. expenses that reduce your income to calculate taxable income--can include mortgage interest; property taxes; part of medical or dental expense; charity contributions, investment interest expense; tax preparation fees; state and local taxes
  6. 10. the income that you actually pay taxes on after making adjustments and taking all the deductions and exemptions you can claim
  7. 12. the total amount of tax debt owed by an individual, corporation, or other entity to a taxing authority such as the Internal Revenue Service (IRS)