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14 Cards in this Set
- Front
- Back
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revenue
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the money the Government collects from citizens and businesses
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progressive taxes
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taxes that take larger share of income as the amount of income grows.
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regressive taxes
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taxes that take a smaller share of income as the amount of income grows.
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proportional taxes
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taxes for which the rate stays the same, regardless of income.
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tax brackets
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tax rates that apply to income ranges.
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tax evasion
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willful failure to pay taxes.
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audit
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an examination for taxpayers tax returns.
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exemption
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an amount you may subtract from your income to each person who depends on your income to live.
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gross income
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all taxable income you recieve, including wages, tips, salaries, interests, dividends, unemployment compensation, alimony, workers' compensation benefits, and so forth.
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child support
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money paid to a former spouse for support of dependent children.
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alimony
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money paid to support a former spouse.
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adjusted gross income
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the money you recieve after you subtract such things as contributions to IRAs.
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deductions
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expenses the law allosyou to subtract from your adjusted gross income to determine your taxable income.
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itemize
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allowable expenses on your tax return.
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