Understanding Taxes
The income received by a government from taxes and other nontax sources.
Revenue
When you take a payment out of your pay before you receive it.
Withholding
Social welfare programs that people are entitled to.
Entitlement
An estimate of future revenues and expenses.
Budget
Nonprofit organizations including religious group and charities, are usually
Tax Exempt
Tax based of people earnings.
Indivisual Income Tax
Tax on the money or property that one living person gives to another.
Gift Tax
Monthly Benefits that Americans receive when you are either disabled and working or mostly when you are retired.
Social Security
A state puts together a day-to-day spending needs.
Operating budget
land and any permanent structures on the land to which a person has a legal title
Real Property
Tax for which the percentage of income paid in taxes remains the same at all income levels.
Proportional Tax
A persons gross (or total) income minus exemptions and deductions.
Taxable income
Money that congress is required to spend on certain programs by law.
Mandatory Spending
Paying for major capital, or investment spending.
Capital Budget
Movable possessions or assets such as jewelry, furniture, and boats.
Personal Property
Tax for which the percentage of income paid in taxes increases as income increases.
Progressive Tax
The use of taxation to discourage or encourage behavior.
Tax Incentive
Spending about which lawmakers are free to make choices.
Discretionary
Budgets in which revenues are equal to spending.
Balanced Budget
Like the taxes imposed by the states it deals with, local governments levy sales, excise, and income tax.
Local Taxes
When policy makers consider a new tax they examine who will actually bear the burden.
Incidence of Tax
Set amounts that you subtract from your gross income for yourself, your spouse, and any dependents.
Personal Exemptions
A type of Discretionary spending that pays the salaries of all men and women dealing with the military and aswell pays for weapons.
Defense Spending
Unlike the federal government, 48 state requires
Balanced Budget
An official that determines the value of the property.
Tax Assessor