Paying Your Taxes
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Federal Income Tax | a tax by the federal government on the money you earn while working
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| Property Tax | a tax an owner pays on any owned property
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| Sales Tax | a tax you pay when you purchase something
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| State Income Tax | a tax by the state on the money you earn while working
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| Capital Gains Tax | a tax charged on the profits made on the sale of something
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| 1040EZ | the quick tax form most often used for those with uncomplicated tax situations
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| 1099INT | report on interest income sent from the bank to both the IRS and the taxpayer for savings account interest
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| Standard Deduction | the deduction allowed for those not claimed as a dependent on a parent’s taxes
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| Tax Deduction | a donation or expense that reduces the taxable income amount
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| Tax Refund | a check returning the taxpayer’s money to the taxpayer after returns are filed and the overpaid tax is determined
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| W2 | report sent from the employer to both the IRS and the employee showing gross income, total taxes paid, and total voluntary deductions
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Created by:
tmikels52
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