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WHS Finance 2.02

Personal Finance

TermDefinition
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