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WHS Finance 2.02
Personal Finance
| Term | Definition |
|---|---|
| Income tax | A tax levied on incomes, especially an annual government tax on personal incomes |
| Infrastructure | The fundamental facilities and systems serving a country, city, or area, such as transportation and communication systems, power plants, and schools. |
| Progressive taxation | The form of taxation adopted by the United States that taxes its citizens based on their incomes, taxing the wealthy at a higher rate‐‐the higher your income, the higher your tax liability |
| Civic duty | An action required by law for a citizen to perform |
| Anticipated income | Money the government expects to receive from income taxes paid by citizens during a year |
| Tax revenue | Government income due to taxation; income available to the government to spend on the citizens and programs |
| Outlays | The spending or disbursement of money |
| Reconciling | To bring into agreement; in this lesson specifically comparing the amount of income tax you actually paid with what you should have paid and determining if you paid too much or too little |
| Allowances | a number that corresponds to the amount of tax withheld from your paycheck |
| Earned Income Credit | Refundable tax credit for low‐ to moderate‐income working individuals and couples, particularly those with children |
| Adjusted Gross Income (AGI) | An individual’s gross income minus specific deductions |
| Independent Contractor | An individual that provides goods or services but does not have income tax withheld from payment. |
Created by:
VNelsonWHS
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