fin 1

at the end of the year, employees recieve a _______ form that reports annual earnings and the amounts deducted for taxes from their employers

W-2

the rate used to calculate the tax due on the next dollar of income is referred to as the

marginal tax rate

shannon is working on her federal income tax form and want to determine if she should itemize he deductions. she has identified several possible deductions. which of the following is an acceptable deduction

miscellaneous expenses that exceed 2% of AGI

gross income includes

passive income

taxes on earnings that fund old age, survivor, and disability insurance benefits are called

social security taxes

income that is taxed at a later date is

tax deferred income

income that is not subject to tax is called

tax exempt income

tanya is a single low income working parent, and fred is a single high income working parent. because fo her status, tanya, but not fred, may be eligible for the

earned income credit

connie thinks that her salary and tax rate for next year will be lower than for this year. what step should she take to minimize her taxes in the current year

accelerate deductions