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American Problems Chapter 16 vocabulary
Progressive Tax Any tax in which each step in the rate schedule is geared to the taxpayer’s ability to pay.
Tax Return Declaration of taxable income and the exemptions and deductions claimed; filed with IRS.
Payroll Tax Tax levied on employers and their employees, and on self-employed persons.
Regressive Tax Any tax levied at a flat rate, i.e., falls most heavily on those least able to pay for it.
Excise Tax Tax levied on the production, transportation, sale or consumption of goods or services.
Yearly shortfall between revenue and spending.Deficit Yearly shortfall between revenue and spending.
Tax levied directly on the estate of a deceased person.Estate Tax Tax levied directly on the estate of a deceased person.
Tax imposed on the making of a gift by a living person.Gift Tax Tax imposed on the making of a gift by a living person.
Tax (tariff) on goods brought into the U.S.Customs Duty Tax (tariff) on goods brought into the U.S.
Public Debt All of the money borrowed by the government over the years and not yet repaid, plus the accrued interest on that money.
Entitlement Benefits that federal law says must be paid to those persons who meet the eligibility requirements set for those payments.
Continuing ResolutionMeasure that, when signed by the President, allows an agency to function on the basis of appropriations made the prior year.
Nontax Revenues and Borrowing
16. Financing the Government.. Taxes. Nontax Revenues and Borrowing.
CH 16, pp. 446 to 462 “Death and Taxes”. Tax return A declaration of a person’s or business’s income for a given year – Jan. 1 to December 31. Filed by.
Chapter 23 Taxes and Social SecuritySucceeding in the the World of Work 23.1 All About Taxes SECTION OPENER / CLOSER INSERT BOOK COVER ART Section 23.1.
Chapter 05 Itemized Deductions “A person should be taxed according to his means” --The Talmud Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights.
0 Finish W4 and I9 if not completed… Personal Finance Unit 4 Chapter 12 © 2007 Glencoe/McGraw-Hill.
Income & Taxes Chapter 2. Earned Income & Benefits What are the differences in the types of earned income, such as wages, salaries, tips, and commissions?
Taxes. Limitations on taxes May be levied on for public purposes Export taxes are prohibited Direct taxes must be proportional according to a states'
©The McGraw-Hill Companies, Inc. 2008McGraw-Hill/Irwin Chapter 1 Introduction to Taxation, the Income Tax Formula, and Form 1040EZ “Taxes, after all, are.
Chapter 01 Introduction to Taxation, the Income Tax Formula, and Form 1040EZ “Taxes, after all, are dues that we pay for the privileges of membership in.
The Federal Budget and Social Security. Key Terms Budget A financial plan for the use of money, personnel, and property. Balanced Budget When.
Taxes are expenses that you pay everyday that are used by the local, state and federal government to provide important services such as: police and.
Taxes and the Federal Budget
CHAPTER 20 SECTION 1 PGS Taxing and Spending.
Agribusiness Library LESSON L060056: FEDERAL AND STATE INCOME TAXES.
Consumer Taxation. Learning Objectives Identify the major types of consumer taxation. Compute gross and net pay. Complete personal income tax forms.
The Federal Budget and Social Security. Introduction Key Terms – Budget – A financial plan for the use of money, personnel, and property. – Balanced Budget.
“Taxes are what we pay for civilized society” Oliver Wendell Holmes Jr., 1904.
Financing Government Chapter 16 Notes
The “ability to ___ principle” is an accepted principle of tax fairness. Pay.
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