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Unit 4 vocab
| Term | Definition |
|---|---|
| Income Tax | tax levied by a government directly on income, especially an annual tax on personal income. |
| Capital Gains | Capital gain refers to the increase in the value of a capital asset when it is sold |
| Tax | 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 |
| Excise Tax | An excise tax is an indirect tax, usually paid by the manufacturer or retailer of the product, then passed along in the price of the product to the consumer. |
| 1040 | Form 1040, U.S. Individual Income Tax Return, is a standard IRS form that individuals use to file their annual income tax returns. |
| Proportional Tax | A proportional tax is a tax that is charged at the same rate for everyone, whatever their level of income |
| Payroll Taxes | Payroll taxes are taxes paid on the wages and salaries of employees. These taxes include federal, state, and local taxes, as well as FICA taxes, which are taxes for Social Security and medicare |
| Estate Tax | a tax levied on the net value of the estate of a deceased person before distribution to the heirs. |
| W-2 | Form W-2, also known as the Wage and Tax Statement, is the document an employer is required to send to each employee and the Internal Revenue Service (IRS) at the end of the year. |
| 1099 | Form 1099 is an IRS tax form known as an information return, meaning you fill out the form as a source of information about your business. |
| Deduction. | an amount that is or may be deducted from something, especially from taxable income or tax to be paid: |
| Property Tax | Property tax is an ad valorem tax assessed on real estate by a local government and paid by the property owner. |
| W-4 | A W-4 is a tax form from the IRS that employees fill out when starting a job in the United States |
| Progressive Tax | A progressive tax involves a tax rate that increases (or progresses) as taxable income increases. It imposes a lower tax rate on low-income earners and a higher tax rate on those with a higher income. |
| Credit | an entry recording a sum received, listed on the right-hand side or column of an account. The opposite of debit. |
| Sales Tax | a tax on sales or on the receipts from sales |
| Inheritance Tax | a tax imposed on someone who inherits property or money. Also called death tax |
| W-9 | The form, officially called Form W-9, Request for Taxpayer Identification Number and Certification, is typically used when a person or entity is required to report certain types of income. |
| Regressive Tax | The term regressive tax refers to a tax that is applied uniformly regardless of income. |
| Refund | pay back (money), typically to a customer who is not satisfied with goods or services bought |
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