Tax

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Taxes

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fees charged by the government on products activities or income.

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Sales tax

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tax imposed by many states counties on purchases.

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property tax

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tax paid by people who own items such as homes land and vehiecles pay taxes to the city and or county where the porperty is located

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assessed value

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amount the property is worth for tax purpose as determined by thw city or county assessors

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market value

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what you would receive if you sold the property

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income tax

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tax paid on the money one earns from working

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exemptions

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items that can be deducated from ones total income before taxes are assessed

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personal exemption

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exemptions for someone who cannot be clamed as a dependent by another taxpayer

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dependent exemption

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exemptions for someone who relies on the taxpayer for support including food clothing and shelters

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deducation

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amount subtracted from taxable income

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charitable contributions

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money that was contributed to charities

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itemized deducations

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a list of items thst can be deducated from the total income

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taxable income

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the amount income subject to income tax

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progressive tax rate

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a schedule in which the tax rate rises as the amont of taxable income increase

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u.s treasury

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department within the U.S government

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internal revenue service (irs)

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government agency that collects taxes for the us government

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payroll taxes

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deducated from the wage earners gross pay by the employer and used the fund ferderal government programs such as social security and medicare

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Social security

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Federal government programs funded through payroll taxes designed to provide retirement and disability income for those meeting the specified criteria

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Medicare

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a federal government program fundd through payroll taxes pays for health care expenses for citizens over age 65 or who meet other special criteria

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credit

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an amount of money aplied directly to the amount of taxes owned to the government

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child tax credit

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a special credit given to join taxpayers with taxble income less that 110000 annually in the amount of 1000 for each chiled under age of 17 also available to single taxpayers who meet a different income requirements if your taxable income is aboce 110000 your chiled tax credit is reduced or eliminate

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refund

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a check or automatic deposit for the amount by witch taxes were overpaid

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excise tax

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a state or federal tax placed on non essentialconsumers goods