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BAC Chapter 11

WHS BAC Chapter 11 Paying Taxes

revenue the money that federal or state agencies collect and use
receipts income
deductions and exemptions money you deduct from your income
dependent a person who is supported financially by another person
income the amount of money you earn
taxable income the total income on which taxes are paid
refund a payment returned to the taxpayer
balance due a payment owed by the taxpayer
assessed value a figure based on a percent of the market value of property
market value the selling price of property on the open market
property tax a figure based on a percent of the assessed value
effective tax rate the assessment rate times property tax rate
Created by: cawhite