For the Week ending 04/14/06
Directions: Choose the word that matches with the definition and appropriately fits into the blank space in the sentence.
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Money, goods, services, and property a person receives that must be reported on a tax return. Includes unemployment compensation and certain scholarships. It does not include welfare benefits and nontaxable Social Security benefits.
When filling out your tax form, your top number is called your _______ amount. |
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The income a person receives from certain bank accounts or from lending money to someone else.
The tax rate on _______ is levied at your adjusted gross income rate. |
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Includes taxable and tax-exempt interest, dividends, capital gains net income, certain rent and royalty income, and net passive activity income.
All _______ is not taxed at the same rate. |
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Include Social Security and Medicare taxes.
_______ are not deducted from Investment Income. |
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A dollar-for-dollar reduction in the tax. Can be deducted directly from taxes owed.
Thanks to changes in the federal tax code, you may be able to claim up to $500 in _______ for 2006 and 2007 if you make certain energy-saving upgrades to your home. |