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chapter 2&3
consumer
Term | Definition |
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Audit | An examination of income tax returns by the IRS. |
Benifits | Forms of employer compensation in addition to pay. |
Dividends | Money paid to stock-holders from the corporation's earnings . |
Exemption | An amount you may subtract from your income fro each person who depends on your income to live. |
Gross Pay | The total amount an employee earns before deductions are subtracted. |
Net Pay | The amount left after all deductions are taken from an employee's gross pay. |
progressive Tax | A tax that takes a large share of one's income as the amount of income grows. |
Proportional Tax | A tax for which the rate stays the same regardless of one's income. |
Regressive Tax | A tax that takes a small share of one's income as the amount of income grows. |
Salary | A fixed annual amount of gross pay. |
Tax Bracket | An income range that a tax rate is applied to. |
Tax Credit | A reduction of taxes owed. |
Tax liability | The amount of total tax you owe on a year's income. |
Union | A group of people who work in the same or similar occupations, organizations for the benefit of the employees in those. occupations |
Wage | A fixed hourly rate earned by employees. |