Tax and Income Vocabulary Quiz

A tax that's imposed on a property owner's right to transfer the property to others after his or her death

The total amount of debt a country owes to companies and other countries as a result of deficit spending

Money earned on a regular basis with little or no effort required to maintain it

Any income (wages/salary) that is generated by the work someone performs

A tax on certain goods that aren't typically considered a necessity; sometimes called a luxury tax

The dollar amount people can subtract from their income before the tax is calculated

An official IRS inspection of a tax return to make sure the income and deductions are accurate

The total tax a person or business has to pay

The amount you earn before taxes and other payroll deductions

What a person earns after payroll taxes and other deductions are taken out; often referred to as take-home pay