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17 Cards in this Set
- Front
- Back
Revenue
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Money that the government spends according to priorities determined by congress
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Progressive Taxes
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Taxes that take a larger share of income as the amount of income grows
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Regressive Taxes
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Taxes that take a smaller share of income as the amount of income grows
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Proportional Taxes
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Taxes for which the rate stays the same, regardless of income
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Tax Brackets
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Tax rates apply to income ranges
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Tax Evasion
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Willful failure to pay taxes
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Audit
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Examination of their tax returns
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Exemption
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An amount you may subtract from your income for each person who depends on your income to live
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Gross Income
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All the taxable income you receive, including wages, tips, salaries, interest, dividends, unemployment compensation, alimony, workers' compensation benefits, and so forth
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Child Support
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Money paid to a former spouse for support of dependent children
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Alimony
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Money paid to support a former spouse
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Adjusted Gross Income
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After these adjustments are subtracted from gross income
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Deductions
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Expenses the law allows you to subtract from your adjusted gross income to determine your taxable income
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Itemize
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List allowable expenses on your tax return
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Standard Deduction
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A stated amount that you may subtract from adjusted gross income instead of itemizing your deductions
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Taxable Income
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The income on which you will pay tax
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Tax Credit
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An amount subtracted directly from the tax owed
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