Number: RL30110
Title: Federal Individual Income Tax Terms: An Explanation
Authors: Pamela J. Jackson, Government and Finance Division 
Abstract: The most important terms used in discussing the federal individual income tax are explained in the order that they occur in the process of determining one's income tax on the federal individual income tax form 1040. The report discusses total and then gross income, the broadest measure of income relevant to income taxation, and then proceeds to examine items such as adjustments, exclusions, deductions and credits, which narrow this measure. Finally, the resulting items, adjusted gross income, taxable income, tax liability and tax refunds are defined.
Pages: 7
Date: June 20, 2006