Taxes Flashcards by Abigail Falcon | Brainscape

Q

Taxable income

A

Money you get after deduction

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Q

Deduction

A

Something that will lower your income

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Q

3 types of taxes

A

Income
Property
Sales

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Q

Excise tax

A

Sin tax

Higher taxes for bad thing (smoking tanning beer etc)

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Q

Progressive taxing

A

As income goes ⬆️ tax percentage goes ⬆️

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Q

Gross income

A

Income before taxes

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Q

Net income

A

Income after taxes

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Q

W4 Form

A

Form filled out before new job

Employer knows how much to withhold

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Q

W2 form

A

Earnings report

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Q

1040EZ

Who gets it

A

All Americans with income

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Q

Tax Evanston

A

Go to jail for not paying taxes

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Q

Tax avoidance

A

Write things off

EX: no tax for school shopping teachers

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