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 Adjustments Adjusted gross income Deductions Standard deduction Itemized deduction Description A. This is taxed as ordinary income if held less than 12 months. B. Deductions such as employee, personal retirement, higher education, and support expenses are included in this category. C. This is adjusted gross income less deductions and exemptions. D. Many of these are based on a percentage of AGI E. This is a claim made by the taxpayer for each person supported by the taxpayer's Income. F. This term refers to the result after deducting expenses like alimony paid and self- employment taxes, to name a few. G. These are charitable contributions. H. This term includes all income less certain allowable adjustments. 1. This is adjusted annually for changes in cost of living. . This term refers to allowable expenses that are deducted from AGI. Exemption Itemized deduction example Capital gains tax categories Steps to AGI Steps to taxable income