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Tax GlossaryIndividual Tax
What Is “Tax bracket”?
A tax bracket is a range of taxable income that is subject to a specific tax rate under a progressive...
Tax GlossaryIndividual Tax
What Is “Balance due”?
A balance due is the amount of tax you still owe to the IRS or a state tax authority after...
Tax GlossaryIndividual Tax
What Is “Tax refund”?
A tax refund is a reimbursement from the government to a taxpayer who paid more taxes during the year than...
Individual TaxTax Glossary
What Is “Tax due”?
Tax due is the outstanding balance you owe to the IRS or a state tax authority when your total tax...
Tax GlossaryIndividual Tax
What Is “Tax liability”?
Tax liability is the total amount of tax you legally owe to a government authority, such as the IRS, state,...
Tax GlossaryIndividual Tax
What Is “Taxable income”?
Taxable income is the portion of your gross income that is actually subject to federal income tax after all allowable...
Tax GlossaryIndividual Tax
What Is “MAGI”?
MAGI stands for Modified Adjusted Gross Income. It is your Adjusted Gross Income (AGI) with certain tax deductions and exclusions...
Tax GlossaryIndividual Tax
What Is “Modified adjusted gross income”?
Modified Adjusted Gross Income (MAGI) is your Adjusted Gross Income (AGI) with certain tax deductions and exclusions added back in....
Tax GlossaryIndividual Tax
What Is “AGI”?
AGI stands for Adjusted Gross Income, which is a specific measure of your income calculated on your federal tax return....
Tax GlossaryIndividual Tax
What Is “Adjusted gross income”?
Adjusted Gross Income (AGI) is a measure of your total income calculated by the IRS that is used to determine...