| Question |
Answer |
| Money collected by the government through taxes | REVENUE |
| Taxes that take a larger share of income as the amount of income grows | PROGRESSIVE TAXES |
| Taxes for which the rate stays the same regardless of income; also called flat taxes | PROPORTIONAL TAXES |
| Taxes that take a smaller share of income as the amount of income grows | REGRESSIVE TAXES |
| Stated amount taxpayers may subtract from adjusted gross income instead of itemizing their deductions | STANDARD DEDUCTION |
| Income ranges to which different tax rates apply | TAX BRACKET |
| Willful failure to pay taxes | TAX EVASION |
| A tax on the sale or use of specific products or transactions | EXCISE TAX |
| An amount taxpayers may subtract from their income for each person who depends on their income to live | EXEMPTION |
| All the taxable income received during the year, including wages, tips, salaries, interest, dividends, alimony, and unemployment compensation | GROSS INCOME |
| Gross income minus allowed adjustments | ADJUSTED GROSS INCOME |
| Money paid for a former spouse to support dependent children | ALIMONY |
| Expenses the law allows taxpayers to subtract from their adjusted gross income to determine their taxable income | DEDUCTION |
| Income on which you will pay tax | TAXABLE INCOME |
| An examination of a tax return by the IRS | AUDIT |
| An amount subtracted directly from the tax owed | TAX CREDIT |
Science Vocab 147928
