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Personal Finance #2

HHS - Understanding Taxes

QuestionAnswer
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 to support a former spouse. 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
Money paid to a former spouse to support your children. CHILD SUPPORT
Created by: deblock