Tax Vocabulary

What is a required payment to a local, state, or national government called?

• Income Tax

• Sales Tax

• Tax

• Property Tax

Which tax is applied to a person's earnings from work or investments?

• Sales Tax

• Income Tax

• Property Tax

• Payroll Tax

What type of tax is imposed on goods and services purchased?

• Property Tax

• Income Tax

• Sales Tax

• Payroll Tax

Which tax is often used to fund schools and local services?

• Property Tax

• Sales Tax

• Income Tax

• Payroll Tax

What is the portion of an employee's wages that is not included in their paycheck because it is sent directly to the government to pay taxes?

• Net Pay

• Withholding

• Gross Pay

• Tax Return

What is the standard federal income tax form used to file taxes with the IRS?

• W-4 Form

• W-2 Form

• 1040 Form

• Tax Return

What is the total amount earned before any deductions or taxes?

• Net Pay

• Gross Pay

• Withholding

• Tax Return

Which federal agency is responsible for collecting taxes and enforcing tax laws?

• Social Security Administration

• IRS (Internal Revenue Service)

• Medicare

• Department of Treasury

What type of tax supports health coverage for people over 65 or with certain disabilities?

• Social Security Tax

• Income Tax

• Medicare Tax

• Property Tax

What is a form filed with the government that shows income earned and taxes owed or refunded?

• W-4 Form

• W-2 Form

• 1040 Form

• Tax Return