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15 Cards in this Set
- Front
- Back
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a tax collected on the value of a person's property at time of his death
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estate tax
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a tax collected by federal and state governments on specific goods and services such as gasoline, air travel, and phone service
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excise tax
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a tax collected on the property left by a person in his or her will
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inheritance tax
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total amount of taxes you owe
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tax liability
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a tax collected on money or property valued at more than $10,000 given by one person to another in a single year
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gift tax
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Income tax and Social Secuirty payments anemployer takes out from your paycheck each pay period
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withholdings
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form you use to report how much money you received from working and other sources
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incomce tax return
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money you get for working (tips, salary, bonuses, etc)
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earned income
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money from banks credit unions and savings and loan assoc.
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interest income
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cash dividends that you recive from investments
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dividend income
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expense you are allowed to subtract freom your adjusted gross income
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tax deduction
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amount set by IRs on which no taxes are paid
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standard deduction
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specific expense you deduct from your adjusted gross income
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itemized deduction
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deduction from your adjusted gross income
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exemption
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a form that tells your employer hoe much federal income tax to withhold from your paycheck
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w-4
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