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PPPLPPPH 4 Jearch this Lomponents to Taxable Income Terminology Match the terms relating to the basic terminology and concepts of personal taxation on the left with the descriptions of the terms on the right. Read each description carefully and type the letter of the description in the Answer column next to the correct term. These are not necessarily complete definitions, but there is only one possible answer for each term. Term Answer Description Adjustments A. This term includes all income less certain allowable adjustments. Adjusted gross income B. This term refers to allowable expenses that are deducted from AGI. Deductions C. Examples of this term include charitable deductions, state and local taxes, and moving expenses. Standard deduction D. Deductions such as employee, personal retirement, higher education, and support expenses are included in this category. Itemized deduction E. This is taxed as ordinary income if held less than 12 months. Exemption F. This is adjusted gross income less deductions and exemptions. Itemized deduction example G. This term refers to the result after deducting expenses like alimony paid and seif- employment taxes, to name a few. Capital galns tax categorles H. This can be claimed if taxpayer provides more than half their support. I. These are charitable contributions, Steps to AGI J. This is a blanket deduction that includes various deductible expenses normally incurred Steps to taxable income by taxpayes. Save & Continue Sonal taxa descriptior Grade it Now Continue without saving Eh 03: Assignment - Preparing Your Taxes 4. Vocabulary - Terminology for components of taxable income Components to Taxable Income Terminology Match the terms relating to the basic terminology and concepts of personal taxation on the left with the descriptions of the terms on the right. each description carefully and type the letter of the description in the Answer column next to the correct term. These are not necessarily complete definitions, but there is only one possible answer for each term. Term Answer Description Adjustments A. This term includes all income less certain allowable adjustments. Adjusted gross income B. This term refers to allowable expenses that are deducted from AGI. Deductions C. Examples of this term include charitable deductions, state and local taxes, and moving expenses. Standard deduction D. Deductions such as employee, personal retirement, higher education, and support expenses are included in this category. Itemized deduction E. This is taxed as ordinary income if held less than 12 months. Exemption F. This is adjusted gross income less deductions and exemptions. Itemized deduction example G. This term refers to the result after deducting expenses like alimony paid and self- employment taxes, to name a few. Capital gains tax categories H. This can be clalmed if taxpayer provides more than half their support. I. These are charitable contributions. Steps to AGI Steps to taxable income J. This is a blanket deduction that includes various deductible expenses normally incurred by taxpayers. Save & Continue Grade It Now
