Assessment activity: Chapter 03-Prepraring Your Taxes e Due Today at 11 PM EDT e Back to Assignment Attempts: Keep the Highest: 6 4. Vocabulary- Terminology for components of taxable income Aa Components to Taxable Income Terminology Match the terms relating to the basic terminology and concepts of personal taxation on the left with the descriptions of the terms on the right. Read each description carefully and type the letter of the description in the Answer column next to the correct term, These are not necessarily complete definitions, but there is only one possible answer for each term. Term Answer Description Adjustments A. This term equals gross income less adjustments. Adjusted gross income ? This can be either standard or itemized. Deductions cExamples of this term include charitable deductions, state and local taxes, and moving expenses. Standard deduction ? D. Taken against gross income, they result in AGL Itemized deduction E This is taxed as ordinary income if held less than 12 months Exemption Itemized deduction ? G. This is used to calculate limits for certain itemized deductions. F. This is adjusted gross income less deductions and exemptions example ? This can be claimed if taxpayer provides more than half their support Capital gains tax H. categories Steps to AGI steps to taxable These are charitable contributions. 3. ? This isa blanket deduction that includes various deductible expenses normally incurred by taxpayers. income