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12 Cards in this Set
- Front
- Back
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withholding |
taking tax payments out of an person's pay before he or she receives it |
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tax return |
form used to file income tax |
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taxable income |
income on which tax must be paid |
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personal exemption |
set amount that you subtract from gross income for yourself |
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deductions |
variable amounts that you can subtract |
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FICA |
taxes that fund social security and medicare |
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social security |
old-age, survivors and disability insurance |
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Medicare |
national health insurance program that helps people over 65 |
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estate tax |
tax on the estate |
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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 incentives |
use of taxation to encourage or discourage certain behavior |
