| A | B |
|---|
| exemption | An amount you may subtract from your income for each person who depends on your income to live. |
| gross income | All the taxable income you receive. |
| earned income | Refers to the money you earned from working. |
| filing status | Describes your tax-filing group, which is based on your marital status as of the last day of the tax year. |
| unearned income | Refers to money you received from passive activity (other than working). |
| 1040EZ | You can use this form if you make less than $100,000 and do not have any dependents. |
| standard deductions | Stated amounts that you may subtract from adjusted gross income. |
| itemized deductions | Expenses you can subtract from adjusted gross income to determine your taxable income. You cannot use form 1040EZ. |
| taxable income | The income on which you will pay tax. |
| tax credit | An amount subtracted directly from the tax owed. |
| adjusted gross income | Gross income less adjustments. |
