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Week 6 Vocab-EW
Vocab
| Question | Answer |
|---|---|
| income tax | money paid to federal and/or state governments based on an individual's income as required by law |
| net income | the income that remains after taxes and other deductions are taken from an individual's gross income |
| payroll tax | the amount of money that a company withholds from its employees for the federal government as required by law |
| property tax | the amount of money collected on the value of a property for the local government as required by law |
| sales tax | the amount of money collected by a store (retailer), in addition to a good or service that was purchased, for the local government as required by law |