ch 3 test

Summarizes an employee’s earnings and tax withholdings.

• Paycheck

• W-2 Form

• Invoice

• Receipt

Total income earned by a taxpayer.

• Gross Income

• Net Income

• Taxable Income

• Adjusted Gross Income

An expense which reduces the amount of income subject to tax.

• deduction

• Tax penalty

• Tax increase

• Tax surcharge

When a capital asset is sold for a profit.

• It is considered a capital gain.

• It is considered a capital loss.

• It is considered a revenue gain.

• It is considered a revenue loss.

FICA tax for people who work for themselves.

• Self-Employment Tax

• Income Tax

• Sales Tax

• Property Tax

Tax paid on the value of someone’s possessions when they die.

• Inheritance Tax

• Income Tax

• Sales Tax

• Property Tax

Equals adjusted gross income minus deductions and exemptions.

• Taxable income

• Net income

• Gross income

• Total income

Tags

CCSS.HSA.CED.A.2

CCSS.HSA.SSE.A.1

Reduces the amount of income subject to tax and allowed for each person who depends on your income.

• Tax deduction

• Tax credit

• Personal exemption

• Standard deduction

Given to taxpayers when tax withholdings exceed the tax due.

• Tax refund

• Tax penalty

• Tax invoice

• Tax deduction

Reports a taxpayer’s income and calculates the taxes due to the government.

• Income Tax Return

• Balance Sheet

• Profit and Loss Statement

• Cash Flow Statement

Tags

CCSS.HSA.CED.A.4

CCSS.HSA.REI.B.3

CCSS.HSA.SSE.A.1

CCSS.HSA.SSE.B.3