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Related Flashcards
Related Topics
Cards In This Set
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Withholding
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Amount of money withheld from gross income.
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W-4
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Standard tax form. Must be submitted to IRS by April 15.
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Flat tax
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A form of taxation where everyone, regardless of income pays the same amount.
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Deductions
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Amount withheld to reduce taxes
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Credit
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Directly reduces tax bill.
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Exclusion
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Opting to put money in a medical account w/empoyer instead of itemizing on tax returns
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Progressive tax
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Tax rate increases as wages increase
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Regressive tax
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Tax rate decreases as wages increase
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Insurance
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You pay a premium and a deductible to protect yourself against catastrophic risk.
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Insurance deductible
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Amount of money you must pay all at once to get insurance.
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Insurance coverage
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How much liability your insurance company has to you
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Liability
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Amount of money you are responsible to pay
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Risk management
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Hedging or insuring against catastrophic risk
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Health insurance
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Type of insurance that pays for a portion or all of expenses due to an accident or illness
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Landline phone
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Phone that uses a telecommunication cable laid overland.
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