• Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

Card Range To Study

through

image

Play button

image

Play button

image

Progress

1/16

Click to flip

Use LEFT and RIGHT arrow keys to navigate between flashcards;

Use UP and DOWN arrow keys to flip the card;

H to show hint;

A reads text to speech;

16 Cards in this Set

  • Front
  • Back
Ability to Pay
A criterion of tax fairness that people with different amounts of wealth or different amounts of income should pay different amounts of taxes.
Adjusted Gross Income
Total income reduces by certain adjustments such as the IRA deduction and the deduction for alimony paid.
Benefits Recieved
A criterion of tax fairness that people should pay taxes in rough proportion to the benefits they recieve from government goods and services
Business Taxes
Taxes levied on businesses by federal, state, or local governments. These may include, in addition to corpoate income taxes on earnings and profits, unemployment insurance, workman's compensation, contributions to social security, and Medicare insurance.
Credits
A direct reduction of the tax owed. Credits may be allowed for purposes such as child care and the earned income credit for low-income taxpayers
Dependent
A person who relies on someone else for support.
Direct Tax
A tax that cannot be shifted to others.
Dividends
Ordinary dividends are a corporation's distibutions to its shareholders from its earnings of a direct tax.
Earned Income
includes wages, salaries, tips, and net earnings from self=employment and other income recieved for personal services.
Earned Income Credit
A refundable credit for low-income workers with children. This credit may be paid to the worker even if no income tax was withheld for the worker's pay.
Exise Taxes
Taxes on the sale or use of specific products or transactions.
Exempt (from Withholding)
Free from federal income tax withholding requirements be meeting certain income, tax liability, and dependency criteria.
Exempt (from Tax Liability)
Tax law provides for a set amount which taxpayers can claim for themselves, their souses, and eligible dependents.
File a Return
to file menas to mail or otherwise convey to a regional IRS Service
Center the appropriate IRS form(s)-the return- on which a taxpayer has entered information about income and tax liability.
Filing Status
Based on taxpayer's martal status and other factors, the filing status determines the tax bracket and rate at which icome is taxed.
Form W-4 (Employee's Withholding Allowance Certificate)
A form that helps an employer determine how much to withhold from an employee's paycheck for federal income tax purposes.