Business/Economics (Income Tax) Flashcards on Ch. 1 - General Overview, created by Ariel Sauln on 25/04/2017.
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Created by Ariel Sauln
almost 8 years ago
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Created by Ariel Sauln
almost 8 years ago
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Deductions that reduce your total income
Total/gross income less adjustments
Either the taxpayers qualifying child or qualifying dependent
All income from whatever source and is not limited to cash received
An individual who is not a U.S. citizen or national, and has not passed the green card test or the substantial presence test.
An individual who is not a U.S. citizen or national, and who meets the green card test or the substantial presence test.
Can take for himself and a spouse (if married), $4,000 per taxpayer for 2015
Can take for each dependent listed on the tax return, $4,000 per dependent for 2015
Gross income less and allowable tax deductions, that is, the amount of income that is subject to tax
