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unit 6


Allowance # that reduces amount of money withheld from person's pay
Business/License tax tax to operate certain kinds of businesses
Deductions expenses legally subtracted from income when figuring income tax
Dependent person one supports financially
Excise tax tax collected on the sale of goods and services
FICA law requiring workers to contribute to SS & Medicare
Form w-2 summary of person's earnings/withholdings for the year for each job worked
Form W-4 provides info employer needs to determine proper amount to withhold from person's paycheck
Gift tax paid by the giver on gifts w/values above a fed. threshold
Gross income amount earned before taxes are withheld
income tax tax paid on earnings from wages, interest, dividends, & other sources
IRS collect income taxes
net income amount remaining after withholds are subtracted from gross pay
payroll tax tax based on payroll of a business paid to the govt.
property tax tax on value of real estate property
public goods goods/services provided by gov. benefits all americans
sales tax added to price of goods/services at time of purchase
tax return set of forms taxpayers use to calculate their tax oblig.
taxable income income figure used to determine income taxes
withholding payroll tax an employer deducts from a person's wages.
Created by: dylandye