| A | B |
|---|
| SIN TAX | A RELATIVELY HIGH TAX DESIGNED TO RAISE REVENUE AND REDUCE CONSUMPTION OF SOCIALLY UNDESIRABLE PRODUCT SUCH AS LIQUR OR TOBACCO |
| INCIDNECE OF A TAX | THE FINAL BURDEN OF THE TAX |
| TAX LOOPHOLES | EXCEPTIONS OR OVERSIGHTS IN A TAX LAW THAT ALLOW SOME PEOPLE AND BUSINESSES TO AVOID PAYING TAXES |
| INDIVIDUAL INCOME TAX | THE TAX ON PEOPLE'S EARNINGS |
| SALES TAX | A GENERAL TAX ON PEOPLE'S EARNINGS |
| SALES TAX | A GENERAL TAX LEVIED ON MOST CONSUMER PURCHASES |
| BENEFIT PRINCIPLE OF TAXATION | THE BELIEF THAT PEOPLE SHOULD BE TAXED ACCORDING TO THEIR ABILITY TO PAY, REGARDLESS OF THE BEBEFITS THEY RECIEVE |
| PROPORTIOANL TAX | A TAX THA TIMPOSES THE SAME PERCENTAGE RATE OF TAXATION ON EVERYONE, REGARDLESS OF INCOME |
| ABILITY TO PAY PRINCIPLE OF TAXATION | THE BELIEF THAT PEOPLE SHOULD BE TAXED ACCORDING TO THEIR ABILITY TO PAY, REGARDLESS OF THE BENEFITS THEY RECIEVE |
| AVERAGE TAX RATE | TOTAL TAXES DIVIDED BY THE TOTAL INCOME |
| PROGRESSIVE TAX | A TAX THAT IMPOSES A HIGHER PERCETAGE RATE OF TAXATION ON PERSONS WITH HIGH INCOMES THAN ON THOSE WITH LOWER INCOMES |
| MARGINAL TAX RATE | THE TAX THAT APPLIES TO THE NEXT DOLLAR OF TAXABLE INCOME |
| REGRESSIVE TAX | A TAX THAT IMPOSES A HIGHER PERCENTAGE RATE OF TAXATION ON LOW INCOMES THAN ON HIGH INCOMES |
| PAYROLL WITHHOLDING SYSTEM | A SYSTEM THAT REQUIRES AN EMPLOYER TO AUTOMATICALLY DEDUCT INCOME TAXES FROM AN EMPLOYEE'S PAYCHECK AND SEND THE DEDUCTED TAX DIRECTLY TO THE GOVERNMENT |
| INTERNAL PEVENUE SERVICE(IRS) | THE BRANCH OF THE US TREASURY DEPARTMENT IN CHARGE OF COLLECTING TAXES |
| TAX RETURN | AN ANNUAL REPORT TO THE IRS SUMMARIZING TOTAL INCOME, DEDUCTIONS, AND THE TAXES WITHHELD BY EMPLOYERS |
| INDEXING | AN UPWARD REVISION OF THE TAX BRACKETS TO KEEP WORKERS FROM PAYING HIGHER TAXES JUST BECUASE OF INFLATION |
| FICA | THE FEDERAL INCOME CONTRIBUTIONS ACT TAX LEVIED ON BOTH EMPLOYERS FOR SOCIAL SECURITY AND MEDICARE |
| MEDICARE | A FEDERAL HEALTH CARE PROGRAM AVAILABLE TO ALL SENIOR CITZENS, REGARDLESS OF INCOME |
| PAYROLL TAX | TAXES THAT ARE DEDUCTED FROM A PAY CHECK |
| CORPORATE INCOME TAX | THE TAX A CORPORATIION PAYS ON ITS PROFITS |
| EXCISE TAX | A TAX ON THE MANUFACTURE OR SALE OF SELECTED ITEMS, SUCH AS GASOLINE AND LIQUOR |
| LUXURY GOOD | AN ECONOMIC PRODUCT FOR WHICH THE DEMAND RISES FASTER THAN INCOME WHEN INCOME GROWS |
| ESTATE TAX | THE TAX THE GOVERNMENT LEVIES ON THE TRANSFER WHEN A PERSON DIES |
| GIFT TAX | A TAX ON DONATIONS OF MONEY OR WEALTH AND IS PAID BY THE PERSON WHO MAKES THE GIFT |
| CUSTOMS DUTY | A CHARGE LEVIED ON GOODS BROUGHT IN FROM OTHER COUNTRIES |
| USER FEES | CHARGES LEVIED FOR THE USE OF A GOOD OR SERVICE |
| INTERGOVERNMENTAL REVENUE | FUNDS COLLECTED BY ONE LEVEL OF GOVERNMENT THAT ARE DISTRIBUTED TO ANOTHER LEVEL OF GOVERNMENT FOR EXPENDITURES |
| PROPERTY TAX | A TAX ON TANGIBLE AND INTANGIBLE POSSESSIONS SUCH AS REAL ESTATE, BUILDINGS, FURNITURE, AUTOMOBILES, FARM ANIMALS, STOCKS, BONDS, AND BANK ACCOUNTS |
| TAX ASSESSOR | THE PERSON WHO ASSIGNS VALUE TP PROPERTY FOR TAX PURPOSES |
| PAYROLL WITHHOLDING STATEMENT | THE SUMMARY STATEMENT ATTACHED TO THE PAYCHECK THAT SUMMARIZES INCOME, TAX WITHHOLDING, SND OTHER DEDUCTIONS |
| ACCELERATED DEPRECIATION | LARGER THAN NORMAL DEPRECIATION CHARGES |
| INVESTMENT TAX CREDIT | A REDUCTION IN BUSINESS TAXES TIED TO INVESTMENT IN NEW PLANTS AND EQUIPMENT |
| SURCHARGE | ADDITIONAL TAX ABOVE AND BEYOND THE BASE RATE |
| ALTERNATIVE MINIMUM TAX | THE PERSONAL INCOME RATE THAT APPLIES WHENEVER THE AMOUNT OF TAXES PAID FALLS BELOW SOME DESIGNATED LEVEL |
| CAPITAL GAINS | PROFITS FROM SALE OF AN ASSESMENT HELD FOR 12 MONTHS |
| VALUE ADDED TAX(VAT) | A TAX PLACED ON THE VALUE THAT MANUFACTURES ADD AT EACH STAGE OF PRODUCTION |
| FLAT TAX | A PROPOTIONAL TAX ON INDIVIDUAL INCOME AFTER A SPECIFIED THRESHOLD HAS BEEN REACHED |
