fin test 1
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
income that is taxed at a later date is
ax deferred income
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 wants to determine if she should itemize her deductions. she has identified several possible deductions. which of the following is an acceptable deduction
miscellaneous expenses that exceed 2% of AGI
gross (or total) income includes
passive income
income that is not subject to tax is called
tax exempt income
at the end of the year, employees recieve a ________ form that reports annual earnings and the amounts deducted for taxes from their employees
W-2
tanya is a single low income working parent, and fred is a single high income working parent. because of her status, tanya, may be eligible for the
earned income credit