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Unit 4 VOCAB
not late
| Term | Definition |
|---|---|
| Income tax | a tax charged on the annual income of an individual or business earned in a financial year |
| Excise tax | taxes imposed on certain goods, services, and activities |
| Payroll taxes | a tax paid on the wages and salaries of employees to finance social insurance programs like Social Security, Medicare, and unemployment insurance. |
| 1099 | used to report non-employment income to the Internal Revenue Service (IRS) |
| W-4 | tells the employer the amount of tax to withhold from an employee's paycheck based on their marital status, number of allowances and dependents, and other factors |
| Sales tax | tells the employer the amount of tax to withhold from an employee's paycheck based on their marital status, number of allowances and dependents, and other factors |
| regressive tax | A regressive tax is a tax imposed in such a manner that the tax rate decreases as the amount subject to taxation increases. |
| Capital gains | Capital gain is an economic concept defined as the profit earned on the sale of an asset which has increased in value over the holding period |
| 1040 | Form 1040 is used by U.S. taxpayers to file an annual income tax return. |
| Estate tax | a tax levied on the net value of the estate of a deceased person before distribution to the heirs. |
| deduction | Tax deduction is a simplified phrase for meaning income that is able to be taxed and is commonly a result of expenses |
| Progressive tax | A progressive tax is a tax in which the tax rate increases as the taxable amount increases |
| inheritance tax | International tax law distinguishes between an estate tax and an inheritance tax. |
| refund | the result of having more total funding on your account than the actual balance due |
| tax | A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer by a governmental organization in order to collectively fund government |
| proportional tax | A proportional tax is a tax imposed so that the tax rate is fixed |
| W-2 | Form W-2 is an Internal Revenue Service tax form used in the United States to report wages paid to employees and the taxes withheld from them |
| Property Tax | A property tax is an ad valorem tax on the value of a property |
| Credit | Credit is the trust which allows one party to provide money or resources to another party wherein the second party does not reimburse the first party immediately |
| W-9 | Form W-9 is used in the United States income tax system by a third party who must file an information return with the Internal Revenue Service |
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