Term Answer Description Gross income A. Using taxable income, it is based on tax

Question

Term Answer Description Gross income A. Using taxable income, it is based on tax tables or tax rate schedules B. This item is taxed at different rates depending on the holding period. Active income Portfolio income Passive income Investment expenses Real estate or limited partnership expenses Capital gains Sale of a home C. This term refers to income earned on the job D. Investment income is offset with this related expense E. This term essentially includes all income subject to federal tax. F. This term includes income from tax shelters G. This is used to offset passive income. To qualify for exclusion during this transaction, you must have owned and occupied for two of the five prior years Income from savings accounts, stocks, bonds, mutual funds, options, and futures are included in this term H. Taxable income I. Tax liability J. This is used to determine tax liability

Explanation / Answer

Gross Income - This is used to determine Tax liability

Active Income - This term refers to Income earned from the job

Passive Income - Income from Savings Account, stocks, bonds, mutual funds, options and futures are included in this term.

Tax Liability - Using Taxable Income, it is based on tax tables or tax rate schedules.

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