12 terms

Taxes

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tax
amount of money citizens and business are required to pay so that government can function and provide services
sales tax
tax you pay when you purchase something
excise tax
hidden taxes that apply only to certain products (like alcohol, tobacco, transportation, fishing)
income tax
tax you pay on money you receive by working at a job
corporate income tax
tax on profits made by corporations
progressive taxes
the more income or profit a person or company has, the higher tax rate they pay
social security tax
A federal tax that supports elderly, disabled, or orphaned citizens; it takes a percentage of your earnings until you become eligible to receive monthly payments
Medicare
federal government's health care system for people age 65 and over
property taxes
taxes people pay on land they own
estate tax
tax the government collects when a person dies; death taxes when a deceased person is worth millions of dollars
tariffs
taxes on goods that are imported from other countries
April 15
tax day filing deadline