Taxes

What is the standard IRS form used for filing annual income tax returns?

• 1040

• W-2

• 1099

• Schedule C

What form details all 'non-employee' compensation?

• 1099

• W-2

• 1040

• W-4

What is an inspection of a filer's tax return by the IRS called?

• Audit

• Review

• Assessment

• Examination

What is the profit from the sale of an asset called?

• Capital Gain

• Revenue

• Net Income

• Gross Profit

What is the tax on business profits called?

• Corporate Income Tax

• Sales Tax

• Value Added Tax

• Property Tax

What is someone you financially support and can 'claim' on a tax return called?

• Dependent

• Beneficiary

• Sponsor

• Guarantor

What is spending by the federal government determined by legislative action called?

• Discretionary Spending

• Mandatory Spending

• Capital Expenditure

• Transfer Payments

What is the actual rate you pay on your taxes called?

• Effective Tax Rate

• Marginal Tax Rate

• Nominal Tax Rate

• Average Tax Rate

What is a tax on purchases of specific goods called?

• Excise Tax

• Sales Tax

• Income Tax

• Property Tax

What is the set amount of money you can subtract from your taxable income called?

• Exemption

• Deduction

• Credit

• Allowance