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unit 4
| Question | Answer |
|---|---|
| income tax | tax levied by a government directly on income, especially an annual tax on personal income. |
| excise tax | is any duty on manufactured goods that is normally levied at the moment of manufacture for internal consumption rather than at sale |
| payroll taxes | are taxes imposed on employers or employees, and are usually calculated as a percentage of the salaries that employers pay their employees. |
| 1099 | Form is a collection of tax forms documenting different types of payments made by an individual or a business that typically isn't your employer. |
| w-4 | Internal Revenue Service tax form completed by an employee in the United States to indicate his or her tax situation to the employer. The W-4 form tells the employer the correct amount of federal tax to withhold from an employee's paycheck. |
| sales tax | is a tax paid to a governing body for the sales of certain goods and services |
| regressive tax | is a tax imposed in such a manner that the tax rate decreases as the amount subject to taxation increases |
| capital gains | a profit from the sale of property or an investment. |
| 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 | an item or expense that can reduce the taxes a person owes in a given year |
| progressive tax | is a tax in which the tax rate increases as the taxable amount increases. |
| inheritance tax | a tax imposed on someone who inherits property or money. |
| refund | a reimbursement to taxpayers who have overpaid their taxes |
| tax | a compulsory contribution to state revenue, levied by the government on workers' income and business profits, or added to the cost of some goods, services, and transactions. |
| proportional tax | an income tax system that levies the same percentage tax to everyone regardless of income |
| w-2 | orm used in the United States to report wages paid to employees and the taxes withheld from them |
| property tax | is an ad valorem tax on the value of a property. |
| credit | the ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future. |
| 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. |
Created by:
srodriguez12
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