Tax Vocabulary
Vocab II
Tax Usage/Power
Vocab III
100
system requiring employers to deduct income taxes from employees' paychecks and send them directly to the IRS
What is payroll withholding system
100
exceptions in the tax law that allow some people to avoid paying taxes
What is a tax loophole
100
Intergovernmental revenues are generally intended for this
What is education or public welfare
100
The name of the federal tax on people's earnings
What is individual income tax
200
relatively high tax on socially undesirable products, such as tobacco
What is sin tax
200
tax in which everyone pays the same percentage regardless of income
What is proportional tax
200
FICA includes taxes to pay for this
What is Social Security and Medicare
200
The person who assigns value to property for tax purposes
What is a tax assessor
300
tax on tangible and intangible possessions, such as real estate, buildings, furniture, stocks, bonds, and bank accounts
What is property tax
300
tax that imposes a higher percentage of taxation on lower incomes than on higher incomes
What is regressive tax
300
The authority to levy a federal income tax comes from this amendment
What is the 16th amendment
300
The tax on the transfer of property when a person dies
What is estate tax
400
tax that imposes a higher percentage rate of taxation on people with higher incomes than on people with lower incomes
What is progressive tax
400
proportional tax on individual income after an income threshold has been reached
What is flat tax
400
This act did little to benefit wage earners in the lowest 20 percent.
What is the taxpayer relief act of 1997
400
The tax paid by corporations on their profits
What is corporate income tax
500
tax on the manufacture and sale of selected items
What is excise tax
500
tax on the value added at every stage of the production process
What is value-added tax (VAT)
500
The government taxes profits from the sale of an asset held for 12 months by using this tax.
What is capital gains
500
The tax that imposes a higher percentage of taxation on lower incomes than on higher incomes
What is regressive tax
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