Quiz about Unit 6 Review: Income Taxes Vocabulary

Question 1

When is your tax return due?

Accepted Answer

April 15

Answer

October 15

Answer

January 31

Answer

April 1

Question 2

What types of income must be reported on your income tax return?

Accepted Answer

ALL

Answer

Only non cash income

Question 3

Adjusted Gross Income

= ______________ - ___________

Accepted Answer

Gross Income - Adjustments

Answer

Gross Income - Deductions

Answer

Taxable Income - Deductions

Answer

Taxable Income - Gross Income

Question 4

If your federal withholdings were greater than your tax due, you will ___________________ when you file your tax return.

Accepted Answer

receive a refund

Answer

owe more money

Question 5

A Capital Gain exists when you ______ something for _______ than you initially paid for it.

Accepted Answer

sell, more

Answer

sell, less

Question 6

Ms. Homer is single. In 2020 she paid $5,225 in real estate taxes and $2,800 in home mortgage interest, if this total would equal her itemized deductions, should she take her itemize deduction or use the standard deduction?

Accepted Answer

Standard Deduction

Answer

Itemized Deduction

Question 7

Calculating the percentage of your taxable income that was paid in taxes is called ___________

Accepted Answer

your Effective Tax Rate

Answer

your Tax Bracket

Answer

your Marginal Tax Brackets

Answer

your Taxable Income

Question 8

a profit that results from selling something for more than you paid for it

Accepted Answer

Capital Gain

Answer

Dividend

Answer

Deduction

Answer

Cash in your pocket

Question 9

How long must you hold an asset before you sell it for the profit from the sale to be considered a long term capital gain?

Accepted Answer

1 year

Answer

6 months

Answer

3 years

Answer

5 years

Question 10

Which are the two ways to reduce your taxable income?

Accepted Answer

Adjustments

Accepted Answer

Deductions

Answer

Exemptions

Answer

Obligations

Question 11

What is the self employment tax rate?

Accepted Answer

15.3%

Answer

6.2%

Answer

15%

Answer

1.45%

Question 12

What is the life time exemption for gifts?

Accepted Answer

$12.06 million

Answer

$16,000

Answer

$25,900

Answer

$1 billion

Unit 6 Review: Income Taxes Vocabulary

17 questions

What U.S. government agency is responsible for collecting income tax? Type the abbreviation.

When is your tax return due?

If you can be claimed on your parents’ taxes, you are called a

What types of income must be reported on your income tax return?

Adjusted Gross Income
= ____ - _

If your federal withholdings were greater than your tax due, you will ___________________ when you file your tax return.

As your Taxable Income increases, the amount of Tax due increases because Income Tax rates are __________________

A Capital Gain exists when you something for _ than you initially paid for it.

Name the statement your bank will send if you earn taxable interest.
1099-______

Ms. Homer is single. In 2020 she paid $5,225 in real estate taxes and $2,800 in home mortgage interest, if this total would equal her itemized deductions, should she take her itemize deduction or use the standard deduction?

Create a free account and access millions of resources

Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for Mathematics

Unit 6 Review: Income Taxes Vocabulary

17 questions

What U.S. government agency is responsible for collecting income tax? Type the abbreviation.

When is your tax return due?

If you can be claimed on your parents’ taxes, you are called a

What types of income must be reported on your income tax return?

Adjusted Gross Income = ______________ - ___________

If your federal withholdings were greater than your tax due, you will ___________________ when you file your tax return.

As your Taxable Income increases, the amount of Tax due increases because Income Tax rates are __________________

A Capital Gain exists when you ______ something for _______ than you initially paid for it.

Name the statement your bank will send if you earn taxable interest. 1099-______

Ms. Homer is single. In 2020 she paid $5,225 in real estate taxes and $2,800 in home mortgage interest, if this total would equal her itemized deductions, should she take her itemize deduction or use the standard deduction?

Create a free account and access millions of resources

Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for Mathematics

Adjusted Gross Income
= ____ - _

A Capital Gain exists when you something for _ than you initially paid for it.

Name the statement your bank will send if you earn taxable interest.
1099-______