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Chapter2 and 3
Consumers
| Term | Definition |
|---|---|
| audit | An examination of income tax returns by the IRS |
| Benefits | Forms of employer compensation in addition to pay |
| Dividends | money pay to stockholders from the corporation's earnings |
| Excmption | An amount you may subtract from your income for each person who depends on your income to live. |
| Filing Status | Your tax-filing based on your marital status as of the last day of the tax year |
| Gross pay | The total amount an employee earns before deductions are subtracted |
| Net Pay | The a mount left after all deductions are taken from an employee's gross pay |
| Progressive Tax | a tax that takes a large share of one's income as the amount of income gross |
| Proportional Tax | A tax for which the rate strays the same regardless of one's income |
| Regressive Tax | A tax that takes a smaller share of one's income as the amount of income grows |
| Salary | a fixed annual amount of gross pay |
| Tax bracket | an income range that a tax rate is applied to |
| Tax credit | a reduction of taxes owned |
| Tax Liability | the amount of total tax you owe on a year's income |
| Union | A group of people that work in the same or similar occupation |
| Wage | a fixed hourly rate earned by employees. |
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