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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 |