Taxes, Tax-related vocabulary 2

QUESTIONS:
(Choose the best response for each one)


1. He is _________________ ( = considered) to be self-employed.
deemed
doomed
damned

2. You can give _________________ $13,000 yearly without having to pay the "gift tax".
up to
up
to

3. Your "_________________ income" refers to all your income from taxable sources, before any exemptions, deductions etc.
net
itemized
gross

4. You will have to pay a 10% penalty. = a 10% penalty will be _________________.
taken
imposed
taken off

5. To deduct = To _________________
minus
take
subtract

6. The amount of your income credit depends __________________ your income level.
on
of
with

7. Yes, you would be __________________ to make this deduction. ( = you can make this deduction legally)
allowed
allotted
allocated

8. The fastest way to file your tax return is __________________.
electrically
electorally
electronically

9. You cannot __________________ ( = take) a deduction for contributions to a traditional IRA.
request
claim
bring

10. This limit can be carried _________________ to future years. ( = can be used in future tax returns)
up
over
out

Check answers at http://www.businessenglishsite.com/esl-business-taxes2.html