Chapter 7 Income and Taxes Assignment Exam Questions With Correct Answers
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Tax
Institution
Tax
Chapter 7 Income and Taxes Assignment
Exam Questions With Correct Answers
A payment in exchange for an employee's labor or services. - answerwage
The lowest hourly wage employers can pay most workers by law. - answerminimum wage
A wage that is based on a rate per unit or item completed. - answe...
Chapter 7 Income and Taxes Assignment
Exam Questions With Correct Answers
A payment in exchange for an employee's labor or services. - answer✔wage
The lowest hourly wage employers can pay most workers by law. - answer✔minimum wage
A wage that is based on a rate per unit or item completed. - answer✔piecework income
Payment for work that is expressed as an annual figure. - answer✔salary
Income paid as a percentage of sales made by a salesperson. - answer✔commission
An expense subtracted from gross income. - answer✔payroll deduction
The federal government's basic program for providing income when earnings are reduced or stopped
because of retirement, serious illness or injury, or death. - answer✔social security
The federal government's program that pays for certain health care expenses for older citizens and
others with disabilities. - answer✔medicare
A government program that pays certain health care costs for eligible low-income individuals and
families. - answer✔medicaid
An expense that can be subtracted from taxable income. - answer✔tax deduction
Tax benefit that reduces the amount of income on which a worker pays taxes. - answer✔exemption
An amount that can be subtracted from the taxes a worker owes, if eligible. - answer✔tax credit
Taxes levied by federal and state governments on the sale and transfer of certain items, such as
cigarettes, alcohol, and certain luxury items. - answer✔excise tax
Tax based on the value of land and buildings owned by taxpayers. - answer✔real estate tax
Tax levied by the federal government on donors or givers who transfer assets over a given amount to
others. - answer✔gift tax
A legal way of reducing your taxes by claiming legitimate deductions, credits, and adjustments. -
answer✔tax avoidance
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