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Related Flashcards
Related Topics
Cards In This Set
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Collected based on the value of the property you own.
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Property tax
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Callected based on the value of items you purchased.
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Sales tax
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Collected based on the amount of taxable income you earn.
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Taxable income
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Amount of money you must pay the government
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Tax
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Government agency that collects federal tax
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Internal Revenue Service (IRS)
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Unmarried taxpayers
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Single
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Married people who fill out one tax return together or a widow(er) who meets the qualifications outlined by the IRS.
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Married Filing Jointly OR Qualifying Widow(er)
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Married people who file two seperate returns
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Married Filing separately
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A special filing status for certain unmarried taxpayers who support enough people in addition to supporting themselves.
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Head of Household
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Sales tax
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Flat tax OR proportional tax
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A tax that increases as income increases; the percentage or rate increases.
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Progressive tax system
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Each line of the schedule has an increasing percent based on increasing income
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Tax bracket
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Tax rate decreases as income increases
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Regressive tax schedule
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Total pay
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Gross pay
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The amount of money an employee takes home
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Net pay OR take-home pay
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