Definitions for SSEP2
assets minus liabilities
net worth
one where the average tax burden increases with income.
progressive tax
a type of tax that governments impose on (blank) generated by businesses and individuals within their jurisdiction.
INCOME TAX!
what is dividends?
a sum of money paid regularly typically quarterly by a company to its shareholders out of its profits (or reserves.
a portable instrument that is used as an intermediary to facilitate the sale and purchase of goods between parties.
medium of exchange
reports how much you earned from your employer as well as how much tax was withheld on your behalf during the tax year.
W2
one where the average tax burden decreases with income.
regressive tax
a consumption tax imposed by state or local governments on the (blank) of goods or services consumers pay when making a purchase.
sales tax!!
what is hourly rate?
the amount of money that is charged, paid, or earned for every hour worked.
a standard numerical monetary unit of measurement of the market value
unit of account
one of the official documents that U.S. taxpayers use to file their annual income tax return.
1040
one that imposes the same relative burden on all taxpayers
proportional tax
a tax paid on (blank) owned by an individual or other legal entity.
Property tax
what is salary?
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.
essentially an asset, commodity, or currency that can be saved, retrieved, and exchanged in the future without deteriorating in value.
store of value
a collection of tax forms documenting different types of payments made by an individual or a business that typically isn't your employer.
1099
generally cost the same amount each month
fixed expense
the levy on the profit that an investor makes when an investment is sold.
Capital Gains
n/a
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Gold and other precious metals is a example of
store of value
what employees earn before taxes, benefits and other payroll deductions are withheld from their wages.
Gross pay
the opposite of fixed expenses.
Variable expenses
tax is levied on the (blank) of the deceased
Estate tax
n/a
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one where the average tax burden increases with income
progressive tax