Personal Finance Revision

An example of Tax on Purchases is:

• property tax.

• excise tax and VAT.

Examples of Taxes on Wealth are:

• estate tax and inheritance tax.

• income tax.

Tax paid on property left to someone in a will is known as _____

• inheritance tax.

• estate tax.

The IRS is responsible for:

• enforcing civil laws.

• enforcing tax laws and collecting tax.

The W-2 form is used to withhold the employees _______

• income tax and social security tax.

• corportate tax.

Gross Income is income ________ deductions.

• before

• after

_______ deduction is a set amount of money by government, that is not taxed.

• Itemized

• Standard

_______ deduction is a specific expense e.g. medical and dental expenses, which can be deducted from your income.

• Itemized

• Standard

A dependent is someone who is supported ______

• financially

• morally

Lower-income workers benefit from ____________which enables to benefit from a lower tax.

• tax credit

• exemptions (allows)