12-4 Flashcards

1
Q

direct deposit

A

The payment of an employee’s net pay using electronic funds transfer.

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2
Q

total income

A

The sum of all sources of income reported on Form 1040.

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3
Q

adjusted gross income

A

The amount of total income minus adjustments, reported on Form 1040.

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4
Q

taxable income

A

The amount of total income minus adjustments, deductions, and exemptions that is used to calculate income tax.

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