Economics And Personal Finance

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1040 Tax Form

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The long federal tax form filed by individuals

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Exempt

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not subject to be taxed, not included for tas purposes; w-4 status for individuals who had zero federal tax liability for the previous year and who expect to have zero federal tax liability for the coming year

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Public Good

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Goods and services provided by the government that benefit everyone; these good can be shared and do not eclude anyone from using them

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1040EZ Tax Form

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The basic or simplest federal tax form filed by individuals

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Federal Income Tax

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The taxes that the federal governemnt imposes on personal income in order to provide services

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Regressive Taxes

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TAxes that take a larger share of the salary of low-income people than of high income people

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1099INT Tax Form

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A statement of how much that your bank has paid on your accounts for the past year; used for filing taxes

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Federal Insurance Contribution Act (FICA) or Social Security

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Provides benefits for reitred individuals, disables individuals, and thier dependents

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Road Tolls

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a public or private roadway for which a fee (or toll)

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760 Tax Form

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Commonwealth of Virginia income tax form

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Food Tax

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A tax that is collected on food and beverages (excluding alcohol) that are ready for immediate consumption.

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Sales Tax

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A tax added to the amount of qualifying purchases at the time of purchase

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Adjusted Gross Income (AGI)

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Total income before subtracting and deductions or expenses

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Gift Tax

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A tax paid by the givr of gifts that exceed the value set by the government

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Taxable Income

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The income figure that is used to determine your tax liability

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Allowance

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The number that you calcuate on the W-4 form that reduces the amount of taxes withehld from your paycheck

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Gross Pay

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The total amount of money earned before deductions or taxes are taken out of your paycheck

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Tourism Tax

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An additional tax on certain lodging and othwe services that ia imposed for toursim promotion

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Deduction

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Amounts that are subtracted from your paycheck

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Progressive Taxes

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TAx rates are lower at low income and rise with income levels

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Wages

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Income received from working, either paid hourly or by salary

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Dependent

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A person that is financially supported with regards to filling taxes or obtaining insurance

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Medicare Tax

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Government program that provides medical benefits to individuals at age 65 (workers, retired workers, and spouses are eligible for Medicare at the age of 65)

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W-2

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A form that summarizes an employee's earnings and withholdings for the year sent to the tax payer by the employer

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Direct Deposit

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A payment method used to electronically deposit your paycheck into your bank account

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Property Tax

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A tax on the value of real estate

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W-4

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A form employment form required by the law that you complete so that your employer can determine the proper amount to withhold from your paycheck

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Estate Tax

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A tax paid on assets from someone who is decreased

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Proportional Taxes

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Taxes that are the same regradless of a person's income

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Withholding

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A share of w worker's earning paid to the government by the worker and employers

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Excise Tax

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A tax included in the price of specific goods and services; for eaxmple gasoline