Chapter 16 Vocab Flashcards
Document that states a taxpayer’s income, deductions, exemptions, and tax due
Tax return
A tax whose rates are based on the ability of the person to pay
Progressive tax
Tax that’s withheld from a worker’s pay by his or her employer and sent to the gov.
Payroll tax
A tax whose rate is the same for everyone
Regressive tax
Tax on the manufacture, sale, or use of goods or services
Excise tax
Tax on the property and money of a person who has died
Estate tax
Tax on gifts of more than $10,000
Gift tax
A tax on imports or goods coming into the U.S.
Customs duty
Additional amount of money charged by the person who loans money to another person
Interests
Amount of money gov. Spends over its income
Deficit
Amount of money gov. Earned over its expenses
Surplus
Total amount of money borrowed but not paid back by the federal government, plus the interest on this borrowed money
Public debt
Benefits that federal law says people have a right to if they meet the eligibility requirements
Entitlement
Part of government spending in which congress and the president can make choices
Controllable spending
Part of government spending that congress and the president have no power to change directly
Uncontrollable spending
