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25 Cards in this Set
- Front
- Back
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sin tax |
a tax on items considered undesirable or harmful, such as alcohol or tobacco. |
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incidence of a tax |
the analysis of the effect of a particular tax on the distribution of economic welfare. Tax incidence is said to "fall" upon the group that ultimately bears the burden of, or ultimately has to pay, the tax. |
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tax loopholes |
A provision in the laws governing taxation that allows people to reduce their taxes. |
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individual income tax |
government levy (tax) imposed on individuals or entities (taxpayers) that varies with the income or profits (taxableincome) of the taxpayer. |
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sales tax |
a tax on sales or on the receipts from sales. |
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proportional tax |
a tax imposed so that the tax rate is fixed, with no change as the taxable base amount increases or decreases. |
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progressive tax |
a tax in which the tax rate increases as the taxable amount increases. |
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regressive tax |
a tax that takes a larger percentage from low-income people than from high-income people. |
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payroll withholding system |
system requires an employer to automatically deduct income taxes from an employers paycheck and send it directly to the government. |
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Internal Revenue Service (IRS) |
United States governmentagency that is responsible for the collection and enforcement of taxes. |
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tax return |
United States governmentagency that is responsible for the collection and enforcement of taxes. |
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indexing |
a statistical measure of changes in a representative group of individual data points. |
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FICA |
a U.S. law requiring a deduction from paychecks and income that goes toward the Social Security program and Medicare. |
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Medicare |
the federal health insurance program for people who are 65 or older, certain younger people with disabilities, and people with End-Stage Renal Disease (permanent kidney failure requiring dialysis or a transplant, sometimes called ESRD). |
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payroll taxes |
taxes imposed on employers or employees, and are usually calculated as a percentage of the salaries that employers pay their staff. |
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corporate income tax |
An assessment levied by a government on the profits of acompany. The rate of corporate income tax paid by abusiness varies between countries, although sincecorporations are legal entities distinct from their ownersand operators, they are typically taxed as if they were people. |
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excise tax |
taxes paid when purchases are made on a specific good, such as gasoline |
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estate tax |
a tax levied on the net value of the estate of a deceased person before distribution to the heirs. |
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gift tax |
a tax on the transfer of property by one individual to another while receiving nothing, or less than full value, in return. |
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customs duty |
a tariff or tax imposed on goods when transported across international borders. |
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user fee |
tax, or impost payment paid to a facility owner or operator by a facility user as a necessary condition for using the facility. |
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intergovernmental revenue |
consists of monies obtained from other governments and can include grants, shared taxes, and contingent loans and advances. |
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property tax |
a levy on property that the owner is required to pay. |
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tax assessor |
A local government official who determines the value of a property for local real estate taxation purposes. |
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payroll withholding statement |
notification from an employer to an employee or tax office detailing the taxes that have been withheld from an employee's pay. |
