+
Related Flashcards
Related Topics
Cards In This Set
| Front | Back |
|
Property Taxes
|
Taxes collected based on the value of the property you own.
|
|
Sales Tax
|
Taxes collected based on the value of items you purchase.
|
|
Income Taxes
|
Taxes collected based on the amount of taxable income you earn.
|
|
Taxable Income
|
The amount of income that you make that can be taxed.
|
|
Tax
|
The amount of money you must pay to the government.
|
|
Internal Revenue Services
|
Where/ who collects the federal taxes
|
|
Single
|
Unmarried taxpayers
|
|
Married filing jointly
|
Married people who fill out one tax return together
|
|
Qualifying widower
|
A widow(er) who meets the qualifications outlined by the IRS
|
|
Married filing separately
|
Married people who file two separate returns
|
|
Head of Household
|
A special filing status for certain unmarried taxpayers who supports people in addition to supporting themselves.
|
|
Proportional Tax
|
A flat tax. A tax rate that does not depend on the cost of the item you purchase.
|
|
Flat Tax
|
A tax rate that does not depend on the cost of the item you purchase. Proportional Tax.
|
|
Progressive Tax System
|
The tax rate increases as the income increases.
|
|
Tax Bracket
|
Where each line of the tax schedule has an increasing percent based on increasing income.
|
