12-4 Flashcards
1
Q
direct deposit
A
The payment of an employee’s net pay using electronic funds transfer.
2
Q
total income
A
The sum of all sources of income reported on Form 1040.
3
Q
adjusted gross income
A
The amount of total income minus adjustments, reported on Form 1040.
4
Q
taxable income
A
The amount of total income minus adjustments, deductions, and exemptions that is used to calculate income tax.
