A government tax imposed on taxpayers that varies with the income or profits of the taxpayer

The money that an employer deducts from an employee's paycheck and sends directly to the government

The proportion of a loan that is charged as interest to the borrower, typicaly expressed as an annual percentage of the outstanding loan.

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SBMS Financial

Financial Literacy

Term	Definition
Income Tax	A government tax imposed on taxpayers that varies with the income or profits of the taxpayer
Witholding Tax	The money that an employer deducts from an employee's paycheck and sends directly to the government
Interest Rate	The proportion of a loan that is charged as interest to the borrower, typicaly expressed as an annual percentage of the outstanding loan.