Ch. 7 Word Scramble
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| Term | Definition |
| Whats the largest government transfer payment | social security |
| Average tax rate (ATR) | percentage of taxable income that is paid in taxes. Calculated by dividing taxes paid by taxable income |
| Marginal tax rate (MTR) | additional taxes paid (such as overtime) divided by additional taxable income |
| Direct tax | tax on a particular person |
| Indirect tax | tax on a thing rather than person (good and services) |
| Progressive taxes | places a greater burden on the rich |
| Proportional taxes | places an equal burden on all classes |
| Regressive taxes | places a greater burden on the poor (social security) |
| The largest source of federal revenue | personal income tax |
| Payroll tax | a tax paid equally by employee and employer, based on employee's wages |
| Corporate income tax | tax on a corporation's profits |
| Excise tax | a sales tax levied on a particular good or service (generally regressive) |
| Estate tax | a percentage of the value of an estate left to one's heirs |
| Sales tax | a percentage of the purchase price of goods and services sold in a state or a locality (almost half the taxes collected by the states come from the sales tax) Highly regressive tax |
| Property tax | a percentage of the value of a residence, office building, etc. 80% of all local tax revenue is derived from the property tax |
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ltameirao
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