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unit 6
taxes
| Question | Answer |
|---|---|
| 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
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