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Wills econ

Term sheet 8.1-8.4

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
Created by: msd321



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