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17 Cards in this Set
- Front
- Back
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revenue
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money take um by the government.
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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 taxed as the amount of income grows.
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proportional taxes
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alos know as flat taxed, are texes for which the rate stays the same regardless of the income.
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tax brackets
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income ranges ranging from 10 percent at the low end to 35 percent at the high end.
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tax evasion
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Willfil failure to pay taxes.
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audit
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an examination of tax returns the IRS calls thousands taxpayers for.
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exemption
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an amount you may subtract from your income for each person who depends of your income to live.
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gross income
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all the taxable income you recieve.
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child support
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monay paid to a former spouce for support of dependent children.
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alimony
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monay paid to support a former spouce.
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adjusted gross income
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the result after adjustments are subtracted from gross income.
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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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intemize
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a list of allowabe expences on your tax return to get the tax benefit from your deductions.
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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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an amount subtracted directly from the tax owed.
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