111% Table Layout Charts SmartArt Review Paragraph Styles AaBbcDdEe AaBbCcDd Aa8bCcDdEe AaBbCcDc AaB TitleNo Spacing Heading 1 He Normal 425 Time Value of Money, Opportunity Cost, and | 4 Income Taxes Worksheet FP/100 Version 1 Income Taxes Each year you will need to file a federal income tax return by April 15h While you may use software or a tax preparation professional to help you complete your return, there are still some terms of which you should have a basic understanding. Respond to the following to demonstrate your understanding. Each response should be at least 50 words. 8. Explain the differences between taxable income and adjusted gross income. Write response here.> In your own words, define tax deduction, exemption, and tax credit. 9