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Ch. 10 Income and Taxes

Total questions: 15

Worksheet time: 4hrs 31mins

Name
Class
Date
1.

tax paid out by anyone who earns an income

a)

Income Tax

b)

Property Tax

c)

Tax Day

d)

Wealth tax

2.

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

a)

property tax

b)

Gift tax

c)

audit

d)

Tax Bracket

3.

the total tax a person or business has to pay

a)

Tax Liability

b)

Tax Rate

c)

Tax Return

d)

Gift tax

4.

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

a)

W-2 Form

b)

Tax Return

c)

audit

d)

Tax Credit

5.

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

a)

IRS (Internal Revenue Service)

b)

FDA

c)

CIA

d)

FBI

6.

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

a)

Health Savings Account

b)

FICA (Federal Insurance Contribution Act)

c)

Federal Tax

d)

401k

7.

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

a)

Real Estate Tax

b)

Property Tax

c)

Estate Tax

d)

Wealth Tax

8.

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

a)

Property Tax

b)

Inheritance Tax

c)

Gift Tax

d)

Wealth Tax

9.

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


a)

Gift Tax

b)

Wealth Tax

c)

Property Tax

d)

Estate Tax

10.

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

a)

1040 Form

b)

W-2 form

c)

W-4 form

d)

Joint Return

11.

income taxes that are filed for a married couple; the income, tax credits, tax deductions, and tax exemptions are combined on one tax return

a)

Tax Day

b)

Joint Return

c)

Head of Household

d)

Itemized Deducations

12.

an amount of money a taxpayer can subtract from the taxes they owe ​​​​​​​

a)

Audit

b)

Tax Credit

c)

Tax Day

d)

Inheritance Tax

13.

a filing status that is used for individuals who are not married; this person must pay more than half of the costs for the household in which they live

a)

W-4 Form

b)

Head of Household

c)

Joint Return

d)

1040 Form

14.

money an employer legally has to withhold (take out, deduct) from an employee's earnings, and it is sent to the city, state, and federal governments; this money is applied toward the amount of money an employee will owe the government agency when income taxes are filed

a)

Income Tax Withholdings

b)

gift tax

c)

property tax

d)

wealth tax

15.

a state tax on an asset an individual received from someone who has passed away​​​​​​​

a)

Inheritance Tax

b)

Tax Schedule

c)

W-2 form

d)

Joint Return