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Worksheets

Income and Taxes

Total questions: 17

Worksheet time: 9mins

Name
Class
Date
1.

Implies money or valuable possessions accumulated by a person during his life.

a)

income

b)

wealth

c)

net pay

d)

filing status

2.

It is getting money without having to work for it directly.

a)

income

b)

deductions

c)

net pay

d)

unearned income

3.

Comes from working a job and getting paid.

a)

earned income

b)

unearned income

c)

wealth

d)

allowances

4.

Money that a person or a business receives in return for working, providing a product or service, or investing capital.

a)

allowances

b)

deduction

c)

earned income

d)

income

5.

The money you have made.

a)

earnings

b)

taxes

c)

net pay

d)

unearned income

6.

This is your tax-filing group based on marital status as of the last day of the tax year.

a)

exemtion

b)

tax credit

c)

wealth

d)

filing status

7.

The total amount you earn before deductions are subtracted.

a)

deductions

b)

allowances

c)

gross pay

d)

exemptions

8.

The amount subtracted from your gross pay.

a)

employee benefits

b)

IRS

c)

deductions

d)

filing status

9.

The amound taken out of your paycheck.

a)

unearned income

b)

earnings

c)

tax

d)

allowances

10.

When all deductions are taken out of gross pay.

a)

exemption

b)

net pay

c)

earned income

d)

gross pay

11.

Offered to employees over and above what they receive as a salary.

a)

employee benefits

b)

exemption

c)

unearned income

d)

gross pay

12.

This refers to a range of incomes subject to a certain income tax rate.

a)

filing status

b)

tax

c)

tax bracket

d)

exemption

13.

This is a form, or form filed, with a tax authority that reports income, expenses, and other pertinent tax information.

a)

tax return

b)

tax bracket

c)

exemption

d)

employee benefits

14.

The Internal Revenue Service are the ones who collect income taxes and enforce the tax laws.

a)

IRS

b)

tax credit

c)

earned income

d)

auditors

15.

This is a required payment by a taxpayer, mandated by the government.

a)

tax

b)

IRS

c)

filing status

d)

wealth

16.

It is an amount of money a taxpayer can subtract from the taxes they owe, which helps reduce the amount of taxes owed.

a)

allowance

b)

deduction

c)

tax credit

d)

exemption

17.

It is an amount you can subtract from your income for each person that is depended on your income in your household.

a)

tax credit

b)

allowance

c)

deduction

d)

exemption