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Unit 6
Personal and Business Taxes
| Term | Definition |
|---|---|
| allowance | a number that reduces the amount of money withheld from a persons pay |
| business/license tax | tax to operate certain kinds of businesses |
| deductions | expenses that can be legally subtracted from income when figuring income tax |
| dependent | a person one supports financially, such as a child |
| excise tax | a tax collected on the sale of specific goods and services, such as alcoholic beverages, tobacco, and gasoline |
| Federal insurance contributions act (FICA) | The law that requires workers to contribute to social security and Medicare |
| Form W-2 | A summary of a person's earnings and withholdings for the year for each job worked |
| form w-4 | provides the information an employer needs to determine the proper amount to withhold from a persons paycheck |
| gift tax | a tax paid by the giver on gifts with values above federal threshold |
| Gross income | The amount earned before taxes are withheld |
| Income tax | a tax paid on earnings from wages. interest, dividends, and other sources |
| Internal revenue service (IRS) | the federal agency that collects income taxes |
| Net income | The amount remaining after withholds are subtracted from gross pay |
| Payroll tax | a tax based on the payroll of a business; paid to the government |
| property tax | a tax on the value of real estate property |
| Public goods | goods and services provided by the government that benefit all Americans |
| Sales tax | A tax added to the price of goods and services at the time of purchase |
| Tax return | A set of forms that taxpayers use to calculate their tax obligation |
| taxable income | The income figure used to determine income taxes |
| Withholding | A payroll tax an employer deducts from a person's wages |
Created by:
jsnyde02
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