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Unit 4 Vocabulary
| Question | Answer |
|---|---|
| Income Tax | government-imposed tax directly on income, particularly an annual personal income tax. |
| Excise Tax | Excise taxes are levied against specific products, services, and endeavors. |
| Payroll Taxes | companies and employees may be subject to payroll taxes, which are often computed as a percentage of the wages that companies give to their staff. |
| 1099 | The Internal Revenue Service (IRS) calls the 1099 form series of documents "information returns." |
| W-4 | Employers can determine how much tax to withhold from an employee's paycheck based on their marital status, the number of dependents and allowances they receive, and other factors by using the W-4 form. |
| Sales Tax | A sales tax is a levy that is paid to the government on the sale of specific products and services. |
| Regressive Tax | a tax where low-income groups pay a higher percentage of their income in taxes than do high-income groups. |
| Capital Gains | A tax on the profit from the sale of an asset is known as a capital gains tax. |
| 1040 | One of the official forms used by American taxpayers to file their yearly income tax return is the IRS 1040 form. |
| Estate Tax | a tax imposed on the deceased person's estate's net value prior to transfer to heirs. |
| Deduction | an expense that lowers the amount of income that is liable to taxes by being deducted from the taxpayer's gross income. |
| Progressive Tax | one in which the average tax burden rises as income does. |
| Inheritance Tax | a tax that several states levy on people who inherit assets. |
| Refund | return (money), usually to a client who is dissatisfied with the products or services they purchased. |
| Tax | a mandatory tax imposed by the government on business earnings and worker income, or added to the price of certain goods, services, and transactions, in order to raise money for the state. |
| Proportional Tax | Every taxpayer must pay the same proportion of taxes due based on their income. |
| W-2 | An employer must provide Form W-2, commonly called the Wage and Tax Statement, to each employee and the Internal Revenue Service (IRS) at the end of the year. |
| Property Tax | a tax paid by an individual or another type of legal body, like a company, on property they possess. |
| Credit | Give your accurate Taxpayer Identification Number (TIN) to the individual who needs to submit an information return to the IRS in order to report. |
| W-9 | Give the person who needs to file an information return with the IRS your accurate Taxpayer Identification Number (TIN) in order to report. |
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