1 The total amount of taxes owed is called _______.A) exemption B) tax liability C) income tax D) tax credit 2 A(n) _______ is a state tax collected on the property left by a person to his or her heir(s) in a will.A) inheritance tax B) estate tax C) gift tax D) income tax 3 A(n) _______ is a federal tax collected on the value of a person's property at the time of his or her death.A) gift tax B) estate tax C) inheritance tax D) excise tax 4 _______ is the money you receive for working, including wages, salary, commissions, fees, tips, bonuses, and self-employed earnings.A) interest income B) tax liability C) dividend income D) earned income 5 Income that is not subject to taxes is called a(n) _______.A) tax deduction B) itemized deduction C) exclusion D) tax liability 6 A(n) _______ is an expense you can subtract from your adjusted gross income to figure your taxable income.A) tax deduction B) exemption C) exclusion D) adjusted gross income 7 A(n) _______ is a deduction from adjusted gross income for the taxpayer, the spouse, and qualified dependents.A) exemption B) exclusion C) tax deduction D) tax liability 8 A(n) _______ is a form, such as 1040 or 1040EZ, on which a taxpayer reports how much money he or she received from work and other sources and the exact taxes that are owed.A) W-2 form B) extension C) income tax return D) dividend form 9 Earnings on a traditional IRA are _______.A) tax-exempt B) an exclusion C) earned income D) tax-deferred 10 If you deduct medical expenses, you must use _______.A) Form 1040EZ B) a W-2 form C) Form 1040A D) Form 1040