Ch. 10 Income and Taxes

tax paid out by anyone who earns an income

• Income Tax

• Property Tax

• Tax Day

• Wealth tax

the income ranges in which tax rates apply​​​​​​​

• property tax

• Gift tax

• audit

• Tax Bracket

the total tax a person or business has to pay

• Tax Liability

• Tax Rate

• Tax Return

• Gift tax

a report that a taxpayer has to submit annually to the government and is used to determine a person's tax liability

• W-2 Form

• Tax Return

• audit

• Tax Credit

United States government agency that is responsible for the collection and enforcement of taxes

• IRS (Internal Revenue Service)

• FDA

• CIA

• FBI

payroll taxes that are used to pay for Social Security and Medicare programs

• Health Savings Account

• FICA (Federal Insurance Contribution Act)

• Federal Tax

• 401k

a tax that's imposed on a property owner's right to transfer the property to others after their death ​​​​​​​

• Real Estate Tax

• Property Tax

• Estate Tax

• Wealth Tax

taxes paid by anyone who owns property, such as land, a home, or commercial real estate ​​​​​​​

• Property Tax

• Inheritance Tax

• Gift Tax

• Wealth Tax

a tax that's imposed on a property owner's right to transfer the property to others after their death ​​​​​​​

• Gift Tax

• Wealth Tax

• Property Tax

• Estate Tax

the basic form used for personal income tax returns filed with the IRS

• 1040 Form

• W-2 form

• W-4 form

• Joint Return