Chapter 14 Terms to Know
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Last updated 8:41 PM on 6/8/26
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7 Terms
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Adjusted gross income
gross income (all income from whatever sources) minus adjustments to income
2
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Defined-benefit plans
the employer specifies an amount of benefits promised to the employee
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Defined-contribution plans
focus on contributions rather than on the benefits they will pay out
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IRS
Internal Revenue Service: a U.S. Government agency responsible for collecting of taxes, and enforcement of the Internal Revenue Code
5
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Tax deductible
a qualified expense that may reduce the amount of income subject to taxation
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Tax exempt
not subject to taxation
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Taxable
subject to taxation