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5 Cards in this Set
- Front
- Back
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Tax Liabilities are...
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Total amount of taxes owed
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Estate tax is...
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a federal tax collected on the value of person's property at the time of death
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Inheritance tax
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a state tax collected on the property left by a person in will
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Income tax
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tax on wages, salaries and self employed earnings.
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Income tax return
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a form, such as a 1040 or 1040ez on which a taxpayer reports how much money he or she received from working and other sources and the exact taxes that are owed
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