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12 Cards in this Set
- Front
- Back
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Withholding |
Taking tax payments how does an employee's pay before he or she receives it |
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Tax returns |
Forms used to file income tax |
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Taxable income |
Income on which text must be paid total income minus exemption and deduction |
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Personal exemption |
Set amount that subtract from your gross income for yourself your spouse and any dependents |
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Deduction |
Variable mounts that you can subtract or deduct from your gross income |
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FICA |
Taxes that fund social security and Medicare |
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Social security |
Old age, survivors, and disabled |
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Medicare |
A national health insurance program that helps pay for health care for people over 65 or with a certain disabilities |
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Estate tax |
A tax on the state or total value of the money and property of a person who has died |
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Gift tax |
A tax on money or property that once living person gives to another |
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Tariff |
A tax on a important good |
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Tax incentive |
The use of taxation to encourage or discourage certain behavior |
