Ramsey Ch. 10 Review Question Preview (ID: 58502)

Review Of Terms.

a report that a taxpayer has to submit annually to the government and is used to determine a person‘s tax liability
a) w-4
b) balance sheet
c) income statement
d) tax return

the total tax a person or business has to pay
a) tax liability
b) sales + fica
c) income + fica
d) luxury + income

tax paid out by anyone who earns an income
a) income tax
b) tax professional
c) sales tax
d) pay tax

the income ranges in which tax rates apply
a) tax range
b) tax day
c) tax bracket
d) wealth tax

money paid by the hour and for an agreed number of hours per week; especially for unskilled or manual labor
a) wage
b) salary
c) minimum wage
d) cheese

money earned on a regular basis with little or no effort required to maintain it
a) minimum wage
b) passive income
c) paper asset
d) portfolio income

a tax on a certain goods that aren‘t typically considered a necessity; sometimes called a luxury tax
a) sales tax
b) income tax
c) excise tax
d) presidential tax

a fixed annual amount earned by an employee, typically paid weekly, biweekly, or monthly
a) wage
b) bills
c) bones
d) salary

a tax on goods and services that goes to a state or local government
a) local tax
b) excise tax
c) sales tax
d) boom tax

a tax on the purchase of goods or services in the form of sales tax, excise tax, and other special taxes
a) consumption tax
b) sales tax
c) spending tax
d) luxury tax

the total amount of debt a country owes to companies and other countries as a result of deficit spending
a) bond issue
b) deficit spending
c) national debt
d) budget surplus

a one-year period that governments or companies use for financial reporting
a) leap year
b) annual reporting
c) senior year
d) fiscal year

the amount you earn before taxes and other payroll deductions
a) net income
b) gross income
c) basic salary
d) net profit

the amount subtracted from gross pay, which results in your net pay
a) payroll deductions
b) expenses
c) taxes and insurance

tax day usually falls on
a) june 15
b) dec 31
c) april 15
d) jan 1

the dollar amount people can subtract from their income before the tax is calculated
a) tax credit
b) tax return
c) standard deduction
d) tax deduction

a special tax form to report certain types of income or deductions
a) tax return
b) tax schedule
c) tax deduction
d) luxury tax

an amount of money a taxpayer can subtract from the taxes they owe
a) tax deduction
b) tax credit
c) seasonal tax
d) standard deduction

an official IRS inspection of a tax return to make sure the income and deductions are accurate
a) jail time
b) tax return
c) audit
d) discount double check

a tax based on the market value of owned assets
a) wealth tax
b) luxury tax
c) property tax
d) income tax

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