| A | B |
|---|
| Regressive tax | a tax in which all people pay the sam dollar amount, but the percentage of the tax declines as the tax base rises |
| excise tax | ta levied on specific commodities, such as tobacco, tires, or liquor |
| tariff | a tax on items coming into a county |
| quota | a limit on the quantity of a product that may enter a country |
| property tax | is a tax on real estate or personal property, the largest source of revenue for most local governments |
| personal property tax | a tax on wuch items as furniture, machinery, and equipment |
| estate tax | is levied by the federal government on property transferred from deceased people to their heirs |
| inheritance tax | a tax paid by the heir who receives property from a deceased person's estate |
| gift tax | a tax on a gift of money or property to be paid by the giver, not the receiver, of the gift |
| employee's earnings | a record containing al of the payroll information related to an employee |
| accumulated earnings | A record of the employee's year-to-date gross earnings, or the employee's gross earnings from the beginning of the year through the end of each pay period |
| Form W2 | A form given to each employee at the end of the year and contains a summary of the income you earned for the year and all amounts the employer withheld for taxes |
| Federal Unemployment Tax Acts (FUTA) or State Unemployment Tax Act (SUTA) | a percentage of employees' gross earnings paid by employers for unemployment |
| Federal Tax Deposit Coupon (Form 8190) | a form prepared by the employer to send in FICA and federal income taxes to the federal government |
| Electronic Federal Tax Payment System (EFTPS) | A means of transferring federal taxes electronically to the U. S. Government |
| Form 940 | Form used to report the employer's unemployment (state and federal) taxes |
| Form 941 | A form used by the employer to report quarterly taxes consisting of both FICA and federal |
| VITA Taxation Program | Volunteer Income Assistance Program providing free income tax services to low to moderate-income earners, senior citizens, non-English speaking and disabled individuals |
| Sales taxes | taxes on a variety of goods and services collected at the time of the sale |
| Progressive Tax | A tax in which the more a person earns, the greater the percentage of tax the person pays |
