Taxes

Question 1

tax credit

Answer 1

an amount subtracted direct;y from the tax owed

Question 2

tax deduction

Answer 2

deducted by percentage

Question 3

base income tax

Answer 3

intersection of filing status and taxable income in the federal income tax tables

Question 4

progressive tax

Answer 4

a tax for which the percentage of income paid in taxes increases as income increases

Question 5

flat tax

Answer 5

proportional tax on individual income after a specified threshold has been reached

Question 6

sales tax

Answer 6

a tax on a sale of merchandise or services, not clothing and food

Question 7

excise tax

Answer 7

tobacco, alcohol, and gasoline

Question 8

real estate and personal property taxes

Answer 8

taxes on homes

Question 9

estate and inheritance tax

Answer 9

tax on a deceased persons property

Question 10

drink tax

Answer 10

from bars

Question 11

income tax

Answer 11

pay based on your gross taxable income

Question 12

taxable income

Answer 12

income on which tax must be paid; total income minus exemptions and deductions

Question 13

tax-deffered income

Answer 13

income that is taxed at a later date

Question 14

capital gains tax

Answer 14

tax paid on capital gains