Taxes Vocabulary (Unit 8)

Quiz
•
Mathematics
•
9th - 12th Grade
•
Medium
+7
Standards-aligned
Tristan Goodwin
Used 3+ times
FREE Resource
11 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Tax levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts, and other legal entities.
Federal Income Tax
Deductions
Graduated Income Tax
Withholding Allowance
Tags
CCSS.L.11-12.4C
CCSS.L.6.4C
CCSS.L.7.4C
CCSS.L.8.4C
CCSS.L.9-10.4C
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Refers to an exemption that reduces how much income tax an employer deducts from an employee's paycheck.
Deductions
Federal Income Tax
Withholding Allowance
FICA
Tags
CCSS.RI.11-12.4
CCSS.RI.7.4
CCSS.RI.8.4
CCSS.RI.9-10.4
CCSS.RI.9-10.4
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
An amount of money that you could deduct for yourself, and for each of your dependents, on your tax return.
Withholding Allowance
Personal Exemptions
Federal Income Tax
Deductions
Tags
CCSS.L.11-12.4C
CCSS.L.6.4C
CCSS.L.7.4C
CCSS.L.8.4C
CCSS.L.9-10.4C
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Refers to a situation where tax rates change as you make more money.
Personal Exemptions
FICA
Withholding Allowance
Graduated Income Tax
Tags
CCSS.7.RP.A.3
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Tax levied on both employers and employees. It amounts to a total of 6.2% of gross earnings.
Net Pay
Withholding Allowance
Social Security
Graduated Income Tax
Tags
CCSS.RI.11-12.4
CCSS.RI.7.4
CCSS.RI.8.4
CCSS.RI.9-10.4
CCSS.RI.9-10.4
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Tax on wages that U.S. employers are liable to withhold from employees' paychecks. It amounts to a total of 1.45% of gross earnings.
Medicare
Graduated Income Tax
Deductions
Net Pay
Tags
CCSS.RI.11-12.4
CCSS.RI.7.4
CCSS.RI.8.4
CCSS.RI.9-10.4
CCSS.RI.9-10.4
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The combination of the Social Security tax and the Medicare tax. It amounts to a total of 7.65% of gross earnings.
Social Security
FICA
Federal Income Tax
Graduated Income Tax
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