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Calculating Gift & Estate Tax: How-To & Example

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What is a gift tax?

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1. What is an estate tax?

2. What is the lifetime exemption amount?

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About This Quiz & Worksheet

The quiz and worksheet will evaluate your understanding of calculating gift and estate tax as discussed in the related lesson. You will be tested on the lifetime exemption amount and the gift tax exclusion amount for 2016.

Quiz & Worksheet Goals

Use these assessment tools to assess your knowledge of:

  • Estate tax
  • Lifetime exemption
  • Gift tax exclusion amount in 2016
  • Gift tax
  • Lifetime exemption amount

Skills Practiced

  • Defining key concepts - ensure that you can accurately define main phrases, such as lifetime exemption and estate tax
  • Reading comprehension - ensure that you draw the most important information from the related lesson on estate and gift tax
  • Knowledge application - use your knowledge to answer a question about what gift tax is

Additional Learning

To learn more about taxes, read the lesson called Calculating Gift & Estate Tax: How-To & Example. This lesson covers the following objectives:

  • Identify different examples of gift tax and how it works
  • Understand when gift taxes must be paid
  • Review examples of estate tax
  • Know when estate taxes must be paid
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