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a tax on items considered undesirable or harmful.

Some items that have a sin tax are tobacco and alcohol.

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a tax levied on the net value of the estate of a deceased person before distribution to the heirs

Once someone dies, the estate tax is evaluated

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a federal tax applied to an individual giving anything of value to another person

The giver of the gift must pay the gift tax.

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a tax imposed on someone who inherits property or money

If you own a home, you are charged with Inheritance tax.

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an exemption made to both individual taxpayers and businesses that are unable to file a tax return by the due date

Tax extension is used to extend the due date.

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investments on which applicable taxes (typically income taxes and capital gains taxes) are paid at a future date instead of in the period in which they are incurred.

You might get a tax deffered if you can't pay it immedietly.

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a tax levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts, and other legal entities.

Your federal tax depends on your income.

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a tax that you pay to the government of a state rather than to the national government

I pay my state taxes to government of Illinois.

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tax assessed and levied by a local authority such as a state, county or municipality

The state needs to asses local tax.

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a tax on sales or on the receipts from sales.

I have to pay sales tax every time I shop.

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any tax on real estate or certain other forms of property

I have property tax on my house.

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an examination of your tax return by the IRS to verify that your income and deductions are accurate.

Tax Audits are used to check your work.

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The Internal Revenue Service is a bureau of the Department of Treasury that is tasked with the enforcement of income tax laws and oversees the collection of federal income taxes.

All the taxes you pay are given to the IRS.

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money derived from payed work.

Some jobs are chosen solely based on their salary.

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the total amount of tax debt owed by an individual, corporation or other entity to a taxing authority

If you don't pay these taxes, you could face government punishments.

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the difference between taxes paid and taxes owed.

If the difference is negative, you could earn money back.

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is the IRS tax form used to report interest income

The minimum interest paid to trigger a Form 1099-INT is $10

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the amount of income used to calculate how much tax an individual or a company owes to the government in a given tax year

Your taxable income increases as your income increases.

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a measure of income calculated from your gross income and used to determine how much of your income is taxable

Your AGI could increase if your gross income increases.

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money that substitutes for wages or salary, paid to recently unemployed workers under a program administered by a government or labor union.

Unemployment Compensation is paid in intervals.

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A simple tax form used to file for you federal income taxes.

If you don't claim any dependents, you could be eligible for a 1040EZ.

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The form you will receive when you begin a new job. You decide your tax deductions on this form.

You need to recieve your W-4 before you begin working.

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A W-2 form is the one you receive in the mail by the end of January.

I got my W-2 form after working at McDonalds for a year.