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BAC Chapter 11
WHS BAC Chapter 11 Paying Taxes
| term | definition |
|---|---|
| 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 |