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hello, I need help with an assignment: Overview An important aspect of federal income tax preparation for individuals is understanding the key terms

hello, I need help with an assignment:

Overview

An important aspect of federal income tax preparation for individuals is understanding the key terms associated with tax rate structures, marginal versus average tax rates, the income tax formula, and the components of a basic Form 1040. This assignment will allow you to explore several terms and define them to further your understanding.

Directions:

 First, choose five terms from the list:

Additional income

Adjusted gross income

Average tax rate

Dependents

Earned income credit

Filing status

Form 1040

Health care tax

Income tax

Income tax formula

Interest

IRS

Itemized deductions

Marginal tax rate

Other income

Progressive rate structure

Proportional rate structure

Recovery rebate credit

Regressive rate structure

Standard deduction

Tax authority

Tax due to IRS

Tax due with return

Tax penalties

Tax refund

Taxable income

Taxable interest

Total tax

Unemployment compensation

Wages, salaries, and tips

Then, using the Module One Assignment Template located in the What to Submit section, define the five terms chosen.

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