Glossary for Taxes

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  1. Adjusted Gross Income (AGI)
    The total of an individual’s wages, salaries, interest, dividends, etc., minus allowable deductions.
  2. Capital Gain
    Profit from the sale of assets, as bonds or real estate.
  3. Capital Loss
    Loss from the sale of assets, as of bonds or real estate.
  4. Gift Tax
    A tax imposed on the transfer of money or property from one living person to another by gift, payable by the donor.
  5. Gross Income
    Total revenue received before any deductions or allowances, as for rent, cost of goods sold, taxes, etc.
  6. Income
    The monetary payment received for goods or services, or from other sources, as rents or investments.
  7. Income Tax
    A tax levied on incomes, especially an annual government tax on personal incomes.
  8. Tax
    A sum of money demanded by a government for its support or for specific facilities or services, levied upon incomes, property, sales, etc.

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