CH 10 Taxes

4. taxes paid by anyone who owns property, such as land, a home, or commercial real estate
6. Tax a tax on any asset that exceeds the yearly amount you can transfer to another person without compensation of equal value
7. a tax based on the market value of owned assets
10. the total amount of debt a country owes to companies and other countries as a result of deficit spending
13. tax paid out by anyone who earns an income
14. a fixed annual amount earned by an employee, typically paid weekly, biweekly, or monthly

1. a state tax on an asset an individual received from someone who has passed away
2. a tax that‘s imposed on a property owner’s right to transfer the property to others after their death
3. Income the amount you earn before taxes and other payroll deductions
5. a tax on the positive difference between the sale price and the value of a gift when it was inherited
8. the portion of an employee’s pay held back to cover taxes and other deductions
9. Income what a person earns after payroll taxes and other deductions are taken out; often referred to as take-home pay
11. the smallest amount that employers can legally pay their employees per hour of work
12. money paid by the hour and for an agreed number of hours per week; especially for unskilled or manual labor