tax imposed on the purchase of certain goods, such
as gasoline, alcohol, and tobacco
What is an excise tax?
100
A status that can be claimed by a person (single or
married) who supports one or more people who are close relatives in one
household.
What is the head of household?
100
The land, anything firmly attached to its surface (e.g., houses, other buildings, fences, landscaping, driveways, and trees) and all the minerals associated with the property.
What is real property?
100
A tax levied by a state, county, and/or city on the price of goods or services purchased by consumers.
What is a sales tax?
100
federal government program that provides workers with
retirement income, unemployment benefits, and disability benefits.
What is social security?
200
A federal tax imposed on profits from
the sale of a capital asset (e.g., a house, land, machinery, equipment, stocks,
and bonds)
What is capital gains tax?
200
A standard form used for individual tax returns and is sometimes referred to as the long form
What is the 1040 form?
200
Any property that is not considered real property; it is a
moveable and often human-made object. It can be divided into tangible and intangible property.
What is personal property?
200
True or False:
There is not a national sales tax in the United States.
True
200
Afederal health insurance program for people 65 years of age or older or for individuals under 65 years of age with certain disabilities.
What is medicare?
300
A tax on the property that a living individual gives to another while receiving nothing, or less than full value, in return. It was implemented to stop citizens from transferring wealth prior to death to avoid the
estate tax.
What is gift tax?
300
Used to report wages paid to employees and to report the
amount of federal and state taxes that have been withheld. It is filed with the 1040 form.
What is the W-2?
300
An elected or appointed individual who determines the value of all real property in his or her assessment area (e.g., a county) for the purpose of establishing the tax levy.
Who is an assessor?
300
The ones responsible for collecting sales tax
Who is the business?
300
Afederal agency within the U.S. Department
of the Treasury that is responsible for collecting taxes and enforcing tax laws.
What is the IRS?
400
A tax levied on real estate, which includes land and
permanent improvements made to land (e.g., buildings). In some states, personal
property (e.g., automobiles, machinery, and boats) is also taxed
What is property tax?
400
Used by an employee and is provided to the employer so the employer can determine the appropriate amount of tax withholding to deduct from an employee’s wages.
What is the W-4 form?
400
A loss in a farm building’s value because of a
farm’s economic environment. It may be due to several factors, including land-use changes and market conditions
What is economic obsolescence?
400
A tax to discourage people from buying certain items.
What is an excise tax?
400
tax that imposes a higher tax rate as the taxable
amount increases.
What is a progressive tax?
500
a tax levied by the federal government to finance Social Security and Medicare.
What is FICA?
500
Calculated by subtracting allowable deductions (e.g., contributions to health savings accounts or individual etirement accounts) from an individual’s gross income.
What is AGI? (Adjustible Gross Income)
500
A loss in value due to characteristics of the building
that cause a failure of the building to serve its intended purpose. It causes the buildings to be less useful and, therefore, less desirable.
What is functional obsolescence?
500
Can be used as an itemized deduction on imcome taxes.