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Tax Definitions
| Term | Definition |
|---|---|
| Audit | an official inspection of an individual's or organization's accounts |
| Budget | an estimate of income for a set period of time |
| Corporation | a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law |
| Disability Benefits | benefits when you are no longer able to perform a "substantial" amount of work as the result of a physical or mental impairment that is expected to last at least 12 months, or possibly result in death. |
| Disability Insurance | a form of insurance that insures the beneficiary's earned income against the risk that a disability creates a barrier for a worker to complete the core functions of their work. |
| Disposable Income | income remaining after deduction of taxes and other mandatory charges, available to be spent or saved as one wishes. |
| Financial Planning | helps in ensuring a reasonable balance between outflow and inflow of funds so that stability is maintained |
| Food Stamps | a voucher issued by the government to those on low income, exchangeable for food. |
| Partnership | A legal form of business operation between two or more individuals who share management and profits |
| Payroll Deductions | amounts withheld from an employee's payroll check, and these amounts are withheld by their employer. |
| Progressive Taxes | A progressive tax is a tax that imposes a lower tax rate on low-income earners compared to those with a higher income |
| Proportional Taxes | a tax imposed so that the tax rate is fixed, with no change as the taxable base amount increases or decreases. |
| Regressive Taxes | a tax imposed in such a manner that the tax rate decreases as the amount subject to taxation increases. |
| Savings | income not spent, or deferred consumption. |
| Scarcity | the state of being scarce or in short supply; shortage. |
| Section 8 | allows private landlords to rent apartments and homes at fair market rates to qualified low income tenants, |
| Social Security | any government system that provides monetary assistance to people with an inadequate or no income. |
| Supply | a stock of a resource from which a person or place can be provided with the necessary amount of that resource. |
| Taxes | a compulsory contribution to state revenue, levied by the government on workers' income and business profits, or added to the cost of some goods, services, and transactions. |
| Tax Deduction | a reduction of income that is able to be taxed and is commonly a result of expenses |
| Unemployment | when a person who is actively searching for employment is unable to find work. |
| Unemployment Insurance | payment made by the government to an unemployed person. |
| Welfare | government programs that provide financial or other aid to individuals or groups who cannot support themselves. |
| WIC | The Special Supplemental Nutrition Program for Women, Infants, and Children |
| Workmen’s Compensation | A system whereby an employer must pay, or provide insurance to pay, the lost wages and medical expenses of an employee who is injured on the job |
Created by:
zshaw
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