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Wills econ
Term sheet 8.1-8.4
| Question | Answer |
|---|---|
| Revenue | the income that a firm receives from the sale of a good or service to its customers. |
| Progressive Tax | a tax that imposes a lower tax rate on low-income earners compared to those with a higher income, making it based on the taxpayer's ability to pay. |
| Proportional Tax | taxing mechanism in which the taxing authority charges the same rate of tax from each taxpayer, irrespective of income. T |
| Regressive Tax | .tax that imposes a higher percentage rate of taxation on low incomes than on high incomes |
| Tax Base | a total amount of assets or income that can be taxed by a taxing authority, usually by the government. |
| Withholding | the amount of an employee's pay withheld by the employer and sent directly to the government as partial payment of income tax. |
| Tax Return | an annual report to the IRS summarizing total income, deductions, and taxes withheld by employers |
| Taxable Income | he amount of income used to calculate how much tax an individual or a company owes to the government in a given tax year. |
| Personal Exemptions | an amount that a resident taxpayer is entitled to claim as a tax deduction against personal income in calculating taxable income and consequently federal income tax. |
| Tax Deductions | an expense you can legally subtract from your income when figuring your taxes. S |
| Tax Credit | an amount of money that can be offset against a tax liability. |
| Estate Tax | a tax levied on the net value of the estate of a deceased person before distribution to the heirs. |
| Gift Tax | tax on donations of money or wealth and is paid by the person who makes the gift |
| Tariffs | are used to restrict imports by increasing the price of goods and services purchased from another country, making them less attractive to domestic consumers. |
| Mandatory Spending | budgeted amount of money that must be set aside for certain programs or initiatives as set forth by the government or governing authority. |
| Discretionary Spending | spending for federal programs that must receive annual authorization |
| Entitlements | broad social programs for eligible individuals |
| Operating Budgets | a company's expenses, expected costs, and estimated income, considering the quarterly or the annual performance. |
| Capital Budgets | a budget allocating money for the acquisition or maintenance of fixed assets such as land, buildings, and equipment. |
| Balanced Budget | situation in financial planning or the budgeting process where total revenues are equal to or greater than total expenses. |
| Tax Exempt | refers to income or transactions that are free from tax at the federal, state, or local level |
| Tax Assessor | person who assigns value to property for tax purposes |
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