Create an account
a person who relies on someone else for support . A taxpayer may claim an exemption for a dependent if certain conditions are met
direct benefit payment
government spending programs including Social Security , social welfare programs , and health care programs
all other forms of government spending that does not include direct benefit payments, interest on the national debt, or national defense
Federal Reserve System
also known as the Fed, it is the central banking system of the US (banker's bank)
General Accounting Office
It is the government agency that reviews the financial management of government programs that Congress creates, collects government debts, settles claims, and provides legal service
Grants in Aid
Sums of money given to the states by the federal government for a variety of specific purposes
Taxes on income, both earned (salaries, wages, tips, commissions) and unearned (interest and dividends)
Office of Management and Budget
prepares the national budget that the president proposes to Congress each year
a tax that takes a larger percentage of income from high income groups than from low income groups
a tax that takes a larger percentage of income from lower income groups than from high income groups
financial instruments, including bonds, notes, and certificates, that are sold as a means of borrowing money with a promise to repay the buyer with interest after a specific time period
social insurance taxes
the money collected by the federal government to pay for major social programs, such as social security, medicare, and unemployment compensation programs
money contributed by employers and employees which will later serve as a retirement for the wage owner
amounts that can be deducted directly from taxes owed. These amount result in a dollar to dollar reduction in taxes owed
an exploitation of a tax law which can reduce or eliminate the tax liabilites of the filer.
the sum of every source of taxable income that you have regardless of where it came from, and before any deduction, exemptions, or adjustments are applied. Any income you can think of!
government expenditure required by law or resulting from previous budgetary commitements
the money an employer withholds from workers' wages as payment of anticipated income tax
The forerunner of this agency was created by President Abe Lincoln after implementation of the nation's first income tax during the Civil War
Receives spending plans from all federal agencies and reviews them with the president and his Council of Economic Advisors
Submits final budget to president for final review and approval. This is sent to Congress for official approval
Reviews financial management of all government programs that Congress creates, collects government debt, settles claims, and provides legal services.
Issues an audit report of the financial statement of the US Governement called the Financial Report of the US Government
Publishes a Federal Fiscal Outlook Report as a way to advocate for financial sustainability and to reduce the federal
Raise or lower the serve requirement for member banks (the minimum amount of money that must be kept in their vaults)
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