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9 Cards in this Set
- Front
- Back
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Tax |
A payment to support the cost of government. |
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Taxpayer |
Is any person or organization required by law to pay a tax to a governmental authority. |
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Incidence |
Of a tax refers to the ultimate economic burden represented by the tax. |
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Jurisdiction
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the right of a government to levy tax on a specific person or organization. |
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flat rate
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a single percentage that applies to the entire tax base.
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tax base
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is an item, occurrence, transaction, or activity with respect to which a tax is levied.
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graduated rate
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structure consisting of multiple percentages that apply to specified portions or brackets of the tax base.
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revenue
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refers to the total tax collected by the government and available for public use.
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