Key Terms 1
Income received by a government from taxes and other non-tax sources.
What is revenue?
Government levy tax on personal income.
What is federal income tax?
The final burden of a tax.
What is incidence of a tax?
The amount of money earned before taxes.
What is gross pay?
The income, property, good, or service, subject to a tax.
"Take home pay"
What is net pay?
A tax based on goods or services sold.
What is sales tax?
A tax where income paid in taxes remains the same at all income levels.
First clause that grants Congress to tax.
What is Article I Section 8?