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12 Cards in this Set

  • Front
  • Back

Withholding

Taking tax payments out of an employee's pay before he or she receives it

Tax return

Form used to file income taxes

Taxable

Income on which tax must be paid; total income minus exemptions and deductions

Personal exemption

Set amount that you subtract from your gross income for yourself, your spouse, and any dependents

Deductions

Variable amounts that you can subtract, or the Ducks, from your gross income

FICA

Taxes that fund Social Security and Medicare

Social Security

Old age, survivors, and disability insurance (OASDI)

Medicare

A national health insurance program that helps pay for health care for people over age 65 or with certain disabilities

Estate tax

Attacks on a state, or total value of the money and property, of a person who has died

Gift tax

A tax on money or property that one living person gives to another

Tariff

A tax on imported goods

Tax incentive

The use of Taxation to encourage or discourage certain Behavior