Chapters 2 & 3
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| Audit | An examination of income tax returns by the IRS.
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| Benefits | Forms of employer compensation in addition of pay.
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| Dividends | Money paid to stockholders from the corporations earnings.
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| Exemption | An amount you may subtract from your income for each person who depends on your income to live.
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| Filing Status | Your tax-filing group based on your marital status as of the last day of the tax year.
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| Gross Pay | All of the taxable income you receive during the year.
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| Net Pay | The amount left after all deductions are taken from a employee's gross pay.
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| Progressive Tax | A tax that takes a larger share of one's income as the amount of income grows.
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| Proportional Tax | A tax for which the rate stays the same regardless of one's income.
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| Regressive Tax | A tax that takes a smaller share of one's income as the amount of income grows.
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| Salary | A fixed annual amount of gross pay.
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| Tax Bracket | An income range that a tax rate is applied to.
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| Tax Credit | A reduction of taxes owed.
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| Tax Liability | The amount of total tax you owe in a year's income.
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| Union | A group of people who work in the same or similar occupations, organized for the benefits of the employees in the occupations.
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| Wage | A fixed hourly rate earned by employees.
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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