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32 Cards in this Set
- Front
- Back
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Tax
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A required payment to the local, state, or national government.
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Revenue
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Income received by a government from taxes and non tax sources.
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Tax Base
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Income, property, good, or service that is subject to a tax.
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Individual Tax Income
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A tax on a person's earnings.
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Sales Tax
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A tax on the value of a good or service being sold.
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Property Tax
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A tax on the value of a property.
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Corporate Income Tax
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A tax on the value of a company's profits.
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Proportional Tax
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A tax for which the percentage of income paid in taxes remains the same for all income levels.
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Regressive Tax
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A tax for which the percentage of income paid increases as the income increases.
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Incidence of Tax
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The final burden of tax.
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Withholding
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Taking tax payments out of an employee's pay before he or she receives it.
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Tax return
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Form used to file income taxes.
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Taxable Income
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income on which a tax must be paid; total income minus exemptions and deductions.
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Personal Exemption
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Set amount that you subtract from yourgross income for yourself, your spouse, and any other dependents.
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Deductions
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Variable amounts you can subtract, or deduct, from your gross income.
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FICA
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Federal Insurance Contributions Act. Taxes that fund Social Security and Medicare.
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Medicare
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A national health insurance program that helps pay for health care for people over the age of 65 or with certain disabilities.
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Estate Tax
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A tax on the value of estate, or total balue of the money and property, of a person who has died.
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Gift Tax
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A tac on the money or property that one living person gives to another.
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Tariff
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A tax on imported goods.
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Tax Incentive
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The use of taxation to encourage or discourage certain behavior.
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Mandatory Spending
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Spending on certain programs that is madated, or required, by existing law.
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Discretionary Spending
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Spending category about which government planners can make choices.
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Entitlement
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Social welfare program that people are "entitled to" if they meet certain eligibility requirements.
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Medicaid
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Entitlement program that benefits low income families, some people with disabilities, and elderly people in nursing homes.
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Operating Budget
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Budget for day-to-day expenses.
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Capital Budget
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Budget for major capital, or incestment, expenditures.
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Balanced Budget
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Budget in which revenues are equalto spending.
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Tax Exempt
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Not subjec to taxes.
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Real Property
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Physical property such as land and buildings.
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Personal Property
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Possessions such as jewelry, furniture, and boats.
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Tax Assessor
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An official who determines the value of a property.
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