AGI Definition

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AGI (Annual Gross Income) is annualized total income prior to exclusions and deductions.

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CHART OF ACCOUNTS is a list of ledger account names and associated numbers arranged in the order in which they normally appear in the financial statements. The Chart of Accounts are customarily arranged in the following order: Assets, Liabilities, Owners Equity (Stockholders Equity for a corporation), Revenue, and Expenses.

EFFECTIVE TAX RATE is the net rate a taxpayer pays on income that includes all forms of taxes. It is calculated by dividing the total tax paid by taxable income.

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