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Related Flashcards
Related Topics
Cards In This Set
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REVENUE
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money collected by the government from citizens and businesses in the form of taxes
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PROGRESSIVE TAXES
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taxes that take a larger share of income as the amount of income grows
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REGRESSIVE TAXES
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taxes that take a smaller share of income as the amount of income grows
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PROPORTIONAL TAXES
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taxes for which the rate stays the same, regardless of income
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TAX BRACKET
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income ranges to which tax rates apply
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TAX EVASION
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willful failure to pay taxes
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AUDIT
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the examination of your tax returns by the internal revenue service
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EXEMPTION
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an amount you may subtract from your income for each person who depends on your income to live
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GROSS INCOME
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all taxable income received, including wages, tips, salaries, interest, dividends unemployment compensation, alimony, and so forth
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CHILD SUPPORT
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money paid to a former spouse for support of dependent children
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ALIMONY
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money paid by one former spouse to support the other
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ADJUSTED GROSS INCOME
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the result of adjustments subtracted from gross income
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DEDUCTIONS
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1. amounts subtracted from gross pay
2. amounts subtracted from gross pay to arrive at take-home pay
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ITEMIZE
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to list allowable expenses on your tax return
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STANDARD DEDUCTION
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a stated amount that you may subtract from adjusted gross income instead of itemizing your deductions
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