Chapter 7 Taxes
About this set
Created by:
METhompson on February 11, 2010
Subjects:
Classes:
Log in to favorite or report as inappropriate.
Order by
16 terms
Terms | Definitions |
|---|---|
 Revenue | the money a government collects from citizens and businesses in the form of taxes or other sources |
| Progressive taxes | Taxes that take a larger share of income as the amount of income grows. |
| Regressive taxes | Taxes that take a smaller share of income as the amound of income grows. |
| Proportional taxes | taxes for which the rate stays the same, regardless of the amount on which the tax is imposed. |
| Tax brackets | Income ranges to which tax rates apply |
| tax evasion | Willful failure to pay taxes |
| audit | examination of a persons tax returns |
| exemption | an amount you may subtract from your income for each person who depends on your income to live. |
| Gross income | all the taxable income you recieve, including wages, tips, salaries, interest, divdends, unemployment compensation, alimony, worker's compensation benefits, etc. |
| Child support | Money paid to a former spouse for support of dependent children |
| alimony | Money paid to support a former spouse. |
| adjusted gross income | gross income after certain adjustments are subtracted |
| deductions | expenses the law allows you to subtract from your adjusted gross income to determine your taxable income |
| itemize | to list item by item |
| standard deduction | a stated amount that you may subtract from adjusted gross income instead of itemizing your deductions |
| taxable income | the income on which you will pay taxes |
First Time Here?
Welcome to Quizlet, a fun, free place to study. Try these flashcards, find others to study, or make your own.
Set Champions
Scatter Champion
24.6 secs by adamchristensen
Space Race Champion
25,300 points by adamchristensen