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12 Cards in this Set

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a payment required by a local, state, or federal government of individuals and organizatons that have property, receive income, or engage in certain activities
tax
philosophy of taxation stating that those who receive the benefits of a particular public expenditure should pay for it
benefits-received philosophy
philosophy of taxation stating that those with higher incomes should pay proportionally more taxes than those with lower incomes
ability-to-pay philosophy
tax approach requiring those who earn more to pay more in taxes
progressive tax
tax approach that takes a smaller percentage of income as income rises
regressive tax
the tax rate applied to the last dollar of earnings
marginal tax rate
amount of taxes paid divided by income; also called the effective tax rate
average tax rate
a notice sent to a taxpayer from the IRS correcting an oversight or error and indiviating additonal taxes owed
automated adjustment notice
thorough examination by the IRS of all or part of a tax return
tax audit
an IRS audit that takes place by mail
correspondence audit
legally reduiving the amoung of taxes you pay
tax avoidance
illegally reducing the amount of taxes you pay
tax evasion