Economic Institutions and Issues
Help!
|
|
||||
|---|---|---|---|---|---|
| Sin Tax | relatively high tax designed to raise revenue and discourage consumption of a socially undesirable product
🗑
|
||||
| Incidence of a Tax | final burden of the tax
🗑
|
||||
| Tax Loophole | exemption or oversight in the tax law allowing a taxpayer to avoid paying certain taxes
🗑
|
||||
| Individual Income Tax | federal tax levied on wages, salaries, and other income of individuals
🗑
|
||||
| Sales Tax | general state or city tax levied on a product at the time of sale
🗑
|
||||
| Tax Return | annual report by a taxpayer filed with the local, state, or federal government detailing income earned and taxes owed
🗑
|
||||
| Benefit Principle of Taxation | belief that taxes should be paid according to benefits received regardless of income
🗑
|
||||
| Ability-to-Pay Principle of Taxation | belief that taxes should be paid according to the level of income, regardless of benefits received
🗑
|
||||
| Proportional Tax | tax in which the percentage of income paid in tax is the same regardless of level of income
🗑
|
||||
| Average Tax Rate | total taxes paid divided by total taxable income
🗑
|
||||
| Medicare | federal health-care program for senior citizens
🗑
|
||||
| Progressive Tax | tax in which the percentage of income paid in tax rises as level of income rises
🗑
|
||||
| Marginal Tax Rate | tax rate that applies to the next dollar of taxable income
🗑
|
||||
| Regressive Tax | tax in which the percentage of income paid in tax goes down as income rises
🗑
|
||||
| Internal Revenue Service (IRS) | branch of the U.S. Treasury Department that collects taxes
🗑
|
||||
| Payroll Withholding System | system that automatically deducts income taxes from paychecks on a regular basis
🗑
|
||||
| Indexing | adjustment of the tax brackets to offset the impact of inflation
🗑
|
||||
| FICA | Federal Insurance Contributions Act; tax levied on employers and employees to support Social Security and Medicare
🗑
|
||||
| Payroll Tax | tax on wages and salaries deducted from paychecks to finance Social Security and Medicare
🗑
|
||||
| Corporate Income Tax | tax on corporate profits
🗑
|
||||
| Excise Tax | general revenue tax levied on the manufacture or sale of selected items
🗑
|
||||
| Estate Tax | tax on the transfer of property when a person dies
🗑
|
||||
| Gift Tax | tax paid by the donor on transfer of money or wealth
🗑
|
||||
| Customs Duty | tax on imported goods
🗑
|
||||
| User Fee | fee paid for the use of a good or service
🗑
|
||||
| Intergovernmental Revenue | revenue funds that one level of government receives from another level of government
🗑
|
||||
| Property Tax | tax on tangible and intangible possessions such as real estate, buildings, furniture, stocks, bonds, and bank accounts
🗑
|
||||
| Tax Assessor | person who examines and assesses property values for tax purposes
🗑
|
||||
| Natural Monopoly | market structure in which average costs of production are lowest when a single firm exists
🗑
|
||||
| Payroll Withholding Statement | document attached to a paycheck summarizing pay and deductions
🗑
|
||||
| Accelerated Depreciation | schedule that spreads depreciation over fewer years to generate larger tax reductions
🗑
|
||||
| Investment Tax Credit | tax credit given for purchase of equipment
🗑
|
||||
| Alternative Minimum Tax | personal income tax rate that applies to cases in which taxes would otherwise fall below a certain level
🗑
|
||||
| Capital Gains | profits from the scale of an asset held for 12 months or longer
🗑
|
||||
| Flat Tax | proportional tax on individual income after a specified threshold has been reached
🗑
|
||||
| Value-Added Tax (VAT) | tax on the value added at every stage of the production process
🗑
|
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.
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.
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.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
Damma15724
Popular Economics sets