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AR Entre 2 U6

Arkansas Entrepreneurship II Unit 6

TermDefinition
Allowance a number that reduces the amount of money withheld from a person's pay
Business/License tax tax to operate certain kinds of businesses
Deductions expenses that can be legally subtracted from income when figuring income tax
Dependent a person one supports financially, such as a child
Excise tax a tax collected on the sale of specific goods and services, such as alcoholic beverages, tobacco, and gasoline
Federal Insurance Contributions Act (FICA the law that requires workers to contribute to Social Security and Medicare
Form W-2 a summary of a person's earnings and withholdings for the year for each job worked
Form W-4 provides the information an employer needs to determine the proper amount to withhold from a person's paycheck
Gift tax a tax paid by the giver on gifts with values above a federal threshold
Gross income the amount earned before taxes are withheld
Income tax a tax paid on earning from wages, interest, dividends, and other sources
Internal Revenue Service (IRS) the federal agency that collects income taxes
Net income the amount remaining after withholds are subtracted from gross pay
Payroll tax a tax based on the payroll of a business; paid to the government
Property tax a tax on the value of real estate property
Public goods goods and services provided by the government that benefit all Americans
Sales tax a tax added to the price of goods and services at the time of purchase
Tax return a set of forms that taxpayers use to calculate their tax obligation
Taxable income the income figure used to determine income taxes
Withholding a payroll tax an employer deducts from a person's wages
Created by: sreed2016
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