| A | B |
|---|
| Sales | is a consumption tax |
| payslip | a document that shows your total earnings, deductions and net pay for a pay period |
| deductions | items used to reduce the amount of income that is subject to tax |
| assets | items you own that have value |
| inheritance | tax paid by individuals who inherit the assets |
| income | government tax taken out of your pay every period |
| federal | a progressive tax |
| property | taxes paid on land, houses and tangible personal property |
| solvent | ability to pay all debts |
| credits | these reduce the amount of tax you owe |
| exemptions | items used to reduce the amount of income that is subject to taxes |
| taxable | income that is adjusted by subtracting both exemptions and deductions |
| excise | taxes imposed on a specific good or activity such as fuel |
| payroll | social security and medicare taxes paid by your employer as a part of your pay |
