I need a short defenition of each one of this
Adjusted Gross Income
Credits
Dependent
Exemption
Federal Income Tax Withheld
Medicare Tax Withheld
Social Security Tax Withheld
Social Security Wages
State or local Income tax withheld
tax liability
and taxable income??...
Please, anyone...
2006-07-13 17:24:41 · 6 answers · asked by Lizzeth 3 in Business & Finance ➔ Taxes ➔ United States
Why don't you just type that stuff in the search bar yourself? Or go to dictionary.com? Why do you want everyone else doing the work for you? You'll never learn anything that way.
2006-07-13 17:33:54 · answer #1 · answered by TheGuru 5 · 0⤊ 0⤋
AGI: Income from all sources after specific adjustments.
Credits: Dollar for dollar tax reduction
Dependent: Person(s) who are supported more than 50% by the taxpayer.
FIT w/h: Tax withheld at the source from income.
M/C - Soc Sec. - State Inc tax w/h - See FIT w/h
Soc Security Wages - wages subject to FICA and Medicare tax
Tax Liabiltiy - Calculated tax owed after adjustments and deductions but before credits and payments.
T/I: total income subject to tax.
2006-07-14 09:49:34 · answer #2 · answered by extra_37 4 · 0⤊ 0⤋
dependent is: the number of people you claim either on your ch
eck or taxes as in your spouse or yourself or children. Exempt is basic the same thing as above. Federal income Tax is the amount of taxes taken out of your check for the federal government which is usually the biggest check people get depending on the amount of dependents you claim for your paycheck (w4) Medicare is the amount taken out of your paycheck for the senior citizens or disability persons. State is for the state you live in and local is for the city you live in .Taxable Income is any money that you make by an employer or self employed or from lottery winnings etc.
2006-07-14 00:51:27 · answer #3 · answered by Mrs.Clause 58 1 · 0⤊ 0⤋
1. Used to determine how much of your income is taxable
2. Reputation for solvency and integrity entitling a person to be trusted in buying or borrowing
3.One who relies on another especially for financial support.
4. Exemption is the amount that taxpayers can claim for themselves, their spouses, and eligible dependents
5.
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10. A tax liability is a legal claim on assets.
11. The amount of net income used in calculating income tax.
2006-07-14 00:35:35 · answer #4 · answered by King 3 · 0⤊ 0⤋
Do your own homework, Missy! No get Crackin'!!!
2006-07-14 00:29:50 · answer #5 · answered by Anonymous · 0⤊ 0⤋
you need an accountant
2006-07-14 00:29:14 · answer #6 · answered by Jones 4 3 · 0⤊ 0⤋