
Common Tax Terms
Quiz by Kimberly McGinnis
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5 questions
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- Q1What are progressive taxes?Taxes which increase as the amount being taxed increasesTaxes which change without a relationship to the amount being taxedTaxes which decrease as the amount being taxed increasesTaxes which are fixed regardless of the amount being taxed300s
- Q2What are tax deductions?Ranges of taxable income taxed at a given rateExpenses subtracted from gross income to calculate taxable incomeReductions in tax liabilityReductions in tax rates300s
- Q3What are tax credits?Ranges of taxable income taxed at a given rateReductions in tax liabilityReductions in tax ratesExpenses subtracted from gross income to calculate taxable income300s
- Q4Which of the following is NOT included in earned income?SalaryTipsCommissionInterest300s
- Q5Adjusted gross income is also known as which of the following?Itemized incomeDividend incomeTax-deferred incomeTaxable income300s