Vocab
What is the definition of Macroeconomics?
The branch of the economic theory focused on the economy as a whole and decision making by larger units, such as governments and unions
What is the definition of Payroll Tax?
Tax on wages and salaries to finance social security and medicare costs
What is the definition of Fiscal Year?
12-month financial planning period that may coincide with the calendar year, October 1 to September 30 for the federal government
What is the definition of Value Added Tax(VAT)?
Tax on the value added at every stage of the production process
What is the definition of Flat Tax?
Proportional tax on individual income after a specialized threshold has been reached
What is the definition of Marginal Tax Rate?
Tax rate that applies to the next dollar of taxable income
What is the definition of Progressive Tax?
Tax where percentage of income paid in tax rises as level of income rises
What is the definition of Tax Return?
Annual report filed with local, state, or federal government detailing income earned and taxes owed
What is the definition of Tax Loopholes?
Exceptions or oversights in the tax law allowing taxpayers to avoid taxes
What is the definition of Sin Tax?
A relatively high tax designed to raise revenue while reducing consumption of a socially undesirable product
What is the definition of Property Tax?
Tax on tangible and intangible possessions such as real estate, buildings, furniture, stocks, bonds, and bank accounts
What is the definition of Creditors?
Persons or institutions to whom money is owed
What is the definition of Debtors?
Persons or institutions that owe money
What is the definition of Unemployment Rate?
Ratio of unemployed individuals divided by total number of persons in the civilian labor force, expressed as a percentage
What is the definition of Supply-Side Economics?
A macroeconomic theory holding that economic growth is most effectively created by lowering taxes, decreasing regulation, and encouraging free trade