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Unit 4 Taxes & You

TermDefinition
Income Tax tax levied by a government directly on income, especially an annual tax on personal income.
Excise Tax selective taxes on the sale or use of specific goods and services, such as alcohol and gasoline.
Payroll Taxes a tax paid on the wages and salaries of employees to finance social insurance programs like Social Security, Medicare, and unemployment insurance.
1099 represents the growth of organizations using independent contractors to do work.
W-4 the IRS document you complete for your employer to determine how much should be withheld from your paycheck for federal income taxes and sent to the IRS.
Sales Tax a consumption tax imposed by the government on the sale of goods and services.
Regressive Tax one where the average tax burden decreases with income.
Capital Gains the increase in the value of a capital asset when it is sold.
1040 what individual taxpayers use to file their taxes with the IRS
Estate Tax taxes levied on the transfer of property at death.
Deduction an expense that a taxpayer can use to reduce their gross income, thereby reducing the overall taxes they pay.
Progressive Tax one where the average tax burden increases with income
Inheritance Tax taxes levied on the transfer of property at death.
Refund reimbursement for an overpayment of taxes by a government taxing authority.
Tax a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities.
Proportional Tax A tax that takes the same percentage of income from all income groups.
W-2 reports how much you earned from your employer as well as how much tax was withheld on your behalf during the tax year.
Property Tax recurrent and non-recurrent taxes on the use, ownership or transfer of property
Credit the ability of an individual or organization to obtain goods or services before payment, based on an agreement to pay later.
W-9 Request for Taxpayer Identification Number and Certification
Created by: user-1760998
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