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Taxes 3
Test Description: Taxes
Instructions: Answer all questions to get your test result.
1) an amount you can legally subtract from your tax owed
A
tax credit
B
tax deduction
C
Tax deffered
D
tax return
2) the income figure used to determine how much income tax you owe
A
taxable income
B
tax credit
C
gross income
D
net income
3) based on the dollar value of a good or service being sold
A
sales tax
B
gift tax
C
excise tax
D
estate tax
4) a statement of the interest your bank paid on your savings fort he year
A
Form W-2
B
Form 1099-INT
C
Form 1040EZ
D
Form W-4
5) The ______ is a tax on the transfer of property by one individual to another while receiving nothing, or less than full value, in return
A
excise tax
B
gift tax
C
sales tax
D
estate tax
6) a unique code used by the government throughout your life to identify you as a taxpayer and keep track of your earnings and tax records
A
Social Security Number
B
tax deduction
C
property tax
D
tax return
7) the amount you receive after withholdings ( taxes) are subtracted
A
net income
B
gross income
C
dependent
D
taxable income
8) a number used to determine the amount of income tax withheld from your pay
A
net income
B
withholding allowance
C
withholding
D
gross income
9) goods and services that benefit all citizens
A
sales tax
B
income taxes
C
public goods
D
net income
10) the federal executive agency that collects income taxes
A
Tax deffered
B
tax return
C
Internal Revenue Service (IRS)
D
tax deduction
*select an answer for all questions
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