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12 Cards in this Set
- Front
- Back
Withholding |
Taking tax payments out of an employees pay before he or she receives it |
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Tax return |
Form used to file income taxes |
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Taxable income |
Income on which tax must be paid; total income minus exemptions and deductions |
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Personal exemption |
Set amount that you subtract from your gross income for yourself, your spouse, and any dependents |
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Deductions |
Variable amounts that you can subtract, or deduct, from your gross income |
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FICA |
Taxes that fund social security and medicare |
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Social security |
Old age, survivors, and disability insurance (OASDI) |
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Medicare |
National health insurance program that helps pay for health care for people over age 65 or with certain disabilities |
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Estate tax |
Tax in the estate, or total value if the money and property, of a person who has died |
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Gift tax |
Tax on money or property that one living person gives to another |
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Tariff |
Tax on imported goods |
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Tax incentive |
Use of taxations to encourage it discourage certain behavior |