Flashcards in Taxes Deck (11):
Tax Rate Applied to a taxpayer's last dollar of income
Marginal Tax Rate
What provides for a dollar for dollar reduction in Taxes?
Specific Expenses that can be subtracted from AGI to reduce taxable income
Tax-credit that reduce one's final tax liability below $0 resulting in a payment from the government is?
Refundable Tax Credit
Type of reduction taken to arrive at taxable income that cannot be taken by a taxpayer if he/she itemizes deductions
A client is having hard time meeting expenses each month. Which tax management strategy could be helpful?
Increase Tax Withholdings Allowances
In the 25% tax bracket. Can claim a tax credit of $200. How much will you save in taxes?
Term for directly transferring funds by electronic means from a consumer's account to another
Electronic Funds Transfer
Interest-bearing savings instrument that requires people to deposit money for a fixed amount of time.
Certificate of Deposit
Disclosed standardized rate of interest paid on accounts at depository institutions
Annual Percentage Yield