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Vocab #1
Vocab #2
100
What is the final burden of the tax?
What is Incidence of Tax
100
Tax rate that applies to the next dollar of taxation income.
What is Marginal Tax Rate
200
A relatively high tax designed to raise revenue while reducing consumption of a socially undesirable. EX. Tax on Tobacco
What is Sin Tax
200
Total tax paid divided by the total taxable income
What is Average Tax Rate
300
A general tax levied on most consumer purchases.
What is Sales Tax
300
Tax that imposes a higher percentage rate of taxation on low incomes than on higher incomes.
What is Regressive Tax
400
The same percentage rate of taxation on everyone, regardless of of income.
What is Proportional Tax
400
The federal tax on people's earnings.
What is Individual Income Tax
500
A Federal health care program available to senior citizens.
What is Medicare
500
An annual report to the IRS summarizing total income, deductions, and taxes withheld.
What is Tax Return