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WorksheetsTax Vocabulary Review
Total questions: 15
Worksheet time: 8mins
Name
Class
Date
1.
This tax is used to provide medical benefits for certain individuals when they reach age 65.
a)
Medicare
b)
Social Security
c)
Payroll
d)
Medicaid
2.
This tax provides benefits for retired workers and their dependents as well as for the disabled and their dependents. Also known as the Federal Insurance Contributions Act (FICA) tax.
a)
Medicare
b)
Social Security
c)
Payroll
d)
Medicaid
3.
This tax includes Social Security and Medicare taxes.
a)
Sales
b)
Property
c)
Payroll
d)
Car
4.
A one-time compensation given in addition to an employee's usual compensation for services performed.
a)
Bonus
b)
Salary
c)
Commission
d)
Wages
5.
A fixed sum paid for a specific period of time worked, such as weekly or monthly.
a)
Bonus
b)
Salary
c)
Commission
d)
Wages
6.
Compensation received by an employee based on a percentage of sales made or a fixed amount per sale.
a)
Bonus
b)
Salary
c)
Commission
d)
Wages
7.
Money and/or goods received for services performed that go beyond the stated amount of the bill and are given voluntarily.
a)
Tip
b)
Salary
c)
Commission
d)
Wage
8.
Compensation received by employees computed by multiplying an hourly pay rate by the number of hours worked.
a)
Tip
b)
Salary
c)
Commission
d)
Wages
9.
The charge for the use of borrowed money
a)
interest
b)
tax
c)
fee
d)
fine
10.
Money earned from bonds issued by states, cities, or counties and the District of Columbia.
a)
tax-exempt interest income
b)
taxable interest income
c)
income
d)
interest income
11.
A person, other than the taxpayer or spouse, who entitles the taxpayer to claim an exemption.
a)
dependent
b)
child
c)
employer
d)
student
12.
This determines the rate at which income is taxed
a)
filing status
b)
number of dependents
c)
salary
d)
exemption
13.
The amount that taxpayers can claim for themselves, their spouses, and eligible dependents; reduces the income subject to tax.
a)
exemption
b)
filing status
c)
interest
d)
tax
14.
This reduces the income subject to tax and varies depending on filing status, age, blindness, and dependency.
a)
standard deduction
b)
exemption
c)
interest
d)
dependent
15.
Total income reduced by certain amounts, such as for an IRA or student loan interest
a)
adjusted gross income
b)
exemptions
c)
deductions
d)
net pay
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