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Taxes Flashcards for mozella
Terms in this set (34)
An IRS tax form
Form that an employer must send to an employee and the Internal Revenue Service (IRS) at the end of the year
Ability to pay
Taxation is a progressive taxation principle that maintains that taxes should be levied according a taxpayer's ability to pay
Adjusted gross income
An individual's total gross income minus specific deductions
Total sum of money due for the purchase of a good or service that must be paid
Requiring someone or something for financial, emotional, or other support
A person who has a physical or mental impairment that substantially limits one or more major life activities
The action of deducting or subtracting something
The process of exempting a person from paying taxes on a specified amount of income for themselves and their dependents
Federal income tax
A tax levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts, and other legal entities
11. Federal Insurance Contributions Act (FICA) Tax
A United States federal payroll (or employment) tax imposed on both employees and employers to fund Social Security and Medicare
A tax form prepared by an employee for an employer indicating the employee's exemptions and Social Security number, and enabling the employer to determine the amount of taxes to be withheld for the employee.
an individual's income before tax is paid
tax levied by a government directly on income, especially an annual tax on personal income.
the difference between revenues generated by interest-bearing assets and the cost of servicing liabilities.
a bureau of the Department of Treasury that is tasked with the enforcement of income tax laws and oversees the collection of federal income taxes.
Married Filing Separate filing status
If your spouse itemizes deductions, you cannot claim the standard deduction.
This payroll tax is withheld from employees' payroll checks and is also matched by the employer.
taxes imposed on employers or employees, and are usually calculated as a percentage of the salaries that employers pay their staff.
a tax in which the tax rate increases as the taxable amount increases.
an ad valorem tax on the value of a property, usually levied on real estate.
a tax imposed so that the tax rate is fixed, with no change as the taxable base amount increases or decreases
pay back (money), typically to a customer who is not satisfied with goods or services bought
a tax imposed in such a manner that the tax rate decreases as the amount subject to taxation increases.
a fixed regular payment, typically paid on a monthly or biweekly basis but often expressed as an annual sum, made by an employer to an employee, especially a professional or white-collar worker.
working for oneself as a freelancer or the owner of a business rather than for an employer.
a tax on sales or on the receipts from sales.
social security tax
the tax levied on both employers and employees to fund the Social Security program.
described as gross income or adjusted gross income
a compulsory contribution to state revenue, levied by the government on workers' income and business profits or added to the cost of some goods, services, and transactions.
a small source of income for workers who have lost their jobs through no fault of their own.
a form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee's right to sue their employer for the tort of negligence.
An assumption or principle that taxpayers will comply with tax laws and, more importantly, accurately report their income and deductions honestly.
a formal indication of a choice between two or more candidates or courses of action, expressed typically through a ballot or a show of hands or by voice.
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