Chapter 14 Vocab Flashcards
Income received by a government from taxes and no tax sources
Revenue
A required payment to a local state or national government
Tax
Income property good service that is subject to a tax
Tax base
A tax on a persons earning
Individual income tax
A tax on the dollar value of a good or service being sold
Sales tax
A tax on the value or a property
Property tax
A tax in the value of a company’s profits
Corporate income tax
A tax for which the percentage of income paid in taxes remains the same for all income levels
Proportional tax
A tax for which the percentage of income paid in taxes increase as income increases
Progressive tax
A tax for which the percentage of income paid in taxes decreases as income increases
Regressive tax
The final burden of a tax
Incidence of a tax
Taking tax payments out of an employees pay before he or she receives it
Withholding
For used to file income taxes
Tax return
Income on which tax much be paid. Total income minus exemptions and deductions
Taxable income
Set amount that you subtract from your gross income for yourself spouse and any defenders
Personal exemptions
Variable amounts that you can subtract deduct from gross income
Deductions
Taxes that find social security and Medicare
FICA
Old age survivors and disability insurance oasdi
Social security
A national health insurance program that helps pay for health care for people over 66 or with certain disabilities
Medicare
A tax on the estate or total value of the money and property of a person who has died
Estate tax
A tax on money or property that one loving person gives another
Gift tax
Tax on imported goods
Tariff
Use of taxation to encourage or discourage certain behavior
Tax incentive
Spending on certain programs that is mandated or required by existing law
Mandatory spending
Category about which gov planners can make choices
Discretionary spending
Social welfare program tha people are entitled to if the meet certain eligibility requirement
Entitlement
Entitlement programs that benefits low income families some people it’s disabilities elderly nursing homes
Medicaid
Budget for day to day expenses
Operating budget
For major capital or investment expenditures
Capital budget
Which revenues are equal to spending
Balanced budget
Not subject to tax
Tax exempt
Physical property land building
Real property
Possessions such as jewelry furniture boats
Personal property
An official who determines the value of a propert
Tax assessor
