10.4 Vocab

Question 1

standard deduction

Answer 1

the dollar amount people can subtract from their income before the tax is calculated

Question 2

the dollar amount people can subtract from their income before the tax is calculated

Answer 2

standard deduction

Question 3

tax schedule

Answer 3

a special tax form to report certain types of income or deductions

Question 4

a special tax form to report certain types of income or deductions

Answer 4

tax schedule

Question 5

itemized deductions

Answer 5

a list of all eligible expenses that can be claimed to decrease taxable income

Question 6

a list of all eligible expenses that can be claimed to decrease taxable income

Answer 6

itemized deductions

Question 7

tax credit

Answer 7

an amount of money a taxpayer can subtract from the taxes they owe

Question 8

an amount of money a taxpayer can subtract from the taxes they owe

Answer 8

tax credit

Question 9

audit

Answer 9

an official IRS inspection of a tax return to make sure the income and deductions are accurate

Question 10

an official IRS inspection of a tax return to make sure the income and deductions are accurate

Answer 10

audit