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17 Cards in this Set
- Front
- Back
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Revenue
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Money collected by the government from citizens in the form of taxes.
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Progressive taxes
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Taxes that take a larger share of income.
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Regressive taxes
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Taxes that take a smaller share of income.
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Proportional taxes
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Taxes for which the rate stays the same.
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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 by the internal revenue service.
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Exemption
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An 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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Taxable income recieved, including wages, tips, salaries, alimony, 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 by 1 former spouse to support the other.
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Adjusted gross income
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The result of adjustments subtracted from gross income.
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Deductions
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Amounts subtracted from gross pay.
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Itemize
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To list allowable expenses on your tax return.
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Standard deduction
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A stated amount that you may subtract from adjusted gross income instead of itemizing.
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Taxable income
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Income on which you pay tax.
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Tax credit
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An amount subtracted directly from the tax owned.
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