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17 Cards in this Set
- Front
- Back
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Revenue
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Money from citizens and businesses in the form of taxes
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Progressive Taxes
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Taxes that take a larger share of income as the amount of income grows.
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Regressive Taxes
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Taxes that take a smaller share of income as the amount of income grows.
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Proportional Taxes
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Taxes for which the rate stays the same, regardless of income.
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Tax Brackets
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Income ranges to which tax rates apply.
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Tax Evasion
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Willful failure to pay taxes.
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Audit
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Examination of your tax returns.
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Exemption
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Amount you may subtract from your income for each person who depends on your income to live.
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Gross Income
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All the taxable income you receive, including wages, tips, salaries, interests, dividends, unemployment compensation, alimony, workers' compensation benefits, and so forth.
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Child Support
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Money paid to a former spouse for support of dependent children.
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Alimony
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Money paid to support a former spouse.
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Adjusted Gross Income
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Gross income in which some types of spending are subtracted.
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Deductions
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Expenses the law allows you to subtract from your adjusted gross income to determine your taxable income.
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Itemize
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Listing of allowable expenses on your tax return.
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Standard Deduction
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Stated amount that you may subtract from adjusted gross income instead of itemizing your deductions.
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Taxable Income
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The income on which you will pay tax.
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Tax Credit
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Amount subtracted directly from the tax owed.
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