Taxes 3 Question Preview (ID: 16187)


an amount you can legally subtract from your tax owed
a) tax credit
b) tax deduction
c) tax return
d) Tax deffered

the income figure used to determine how much income tax you owe
a) taxable income
b) tax credit
c) net income
d) gross income

based on the dollar value of a good or service being sold
a) excise tax
b) gift tax
c) sales tax
d) estate tax

a statement of the interest your bank paid on your savings fort he year
a) Form 1040EZ
b) Form 1099-INT
c) Form W-2
d) Form W-4

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) sales tax
b) estate tax
c) excise tax
d) gift tax

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) tax deduction
b) Social Security Number
c) tax return
d) property tax

the amount you receive after withholdings ( taxes) are subtracted
a) dependent
b) taxable income
c) net income
d) gross income

a number used to determine the amount of income tax withheld from your pay
a) withholding allowance
b) net income
c) gross income
d) withholding

goods and services that benefit all citizens
a) sales tax
b) income taxes
c) public goods
d) net income

the federal executive agency that collects income taxes
a) tax return
b) tax deduction
c) Tax deffered
d) Internal Revenue Service (IRS)

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