FISCAL MANAGEMENT Flashcards
accrual
the accumulation or increase of something over time, especially payments or benefits.
incurred
means that all transactions, regardless of their nature, must be recorded when they occur.
tax levy
the collection of taxes to satisfy a debt or liability
taxable value
accessed value minus exemptions
tax credit
directly reduce the amount of tax you owe, giving you a dollar-for-dollar reduction of your tax liability.
itemized deductions
is an expense that can be subtracted from adjusted gross income (AGI) to reduce your tax bill.
tax liability
is the total amount of tax debt owed by an individual, corporation, or other entity to a taxing authority like the Internal Revenue Service (IRS)
tax
money paid to the government
Mortage
the borrower agrees to make regular payments to the lender for a specific number of years until the loan is either repaid in full or it is refinanced
tax deduction
is a deduction that lowers a person or organization’s tax liability by lowering their taxable income
tax base
is the universe of items or activities subject to a tax. In the case of the gas tax, the tax base is simply the amount of gasoline sold
tax rate
the ratio at which a business or person is taxed.
credit
The time given for payment for something sold on trust.
