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32 Cards in this Set

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