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AR Entre 2 U6
Arkansas Entrepreneurship II Unit 6
| Term | Definition |
|---|---|
| Allowance | a number that reduces the amount of money withheld from a person's 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 person's paycheck |
| Gift tax | a tax paid by the giver on gifts with values above a federal threshold |
| Gross income | the amount earned before taxes are withheld |
| Income tax | a tax paid on earning 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:
sreed2016
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