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15 Cards in this Set

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