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31 Cards in this Set
- Front
- Back
1040 Tax Form |
The long federal tax form filed by individuals |
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Exempt |
not subject to be taxed, not included for tas purposes; w-4 status for individuals who had zero federal tax liability for the previous year and who expect to have zero federal tax liability for the coming year |
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Public Good |
Goods and services provided by the government that benefit everyone; these good can be shared and do not eclude anyone from using them |
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The basic or simplest federal tax form filed by individuals |
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Federal Income Tax |
The taxes that the federal governemnt imposes on personal income in order to provide services |
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Regressive Taxes |
TAxes that take a larger share of the salary of low-income people than of high income people |
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1099INT Tax Form |
A statement of how much that your bank has paid on your accounts for the past year; used for filing taxes |
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Federal Insurance Contribution Act (FICA) or Social Security |
Provides benefits for reitred individuals, disables individuals, and thier dependents |
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Road Tolls |
a public or private roadway for which a fee (or toll) |
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760 Tax Form |
Commonwealth of Virginia income tax form |
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Food Tax |
A tax that is collected on food and beverages (excluding alcohol) that are ready for immediate consumption. |
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A tax added to the amount of qualifying purchases at the time of purchase |
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Adjusted Gross Income (AGI) |
Total income before subtracting and deductions or expenses |
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A tax paid by the givr of gifts that exceed the value set by the government |
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The income figure that is used to determine your tax liability |
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Allowance |
The number that you calcuate on the W-4 form that reduces the amount of taxes withehld from your paycheck |
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The total amount of money earned before deductions or taxes are taken out of your paycheck |
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Tourism Tax |
An additional tax on certain lodging and othwe services that ia imposed for toursim promotion |
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Amounts that are subtracted from your paycheck |
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Progressive Taxes |
TAx rates are lower at low income and rise with income levels |
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Wages |
Income received from working, either paid hourly or by salary |
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Dependent |
A person that is financially supported with regards to filling taxes or obtaining insurance |
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Medicare Tax |
Government program that provides medical benefits to individuals at age 65 (workers, retired workers, and spouses are eligible for Medicare at the age of 65) |
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W-2 |
A form that summarizes an employee's earnings and withholdings for the year sent to the tax payer by the employer |
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Direct Deposit |
A payment method used to electronically deposit your paycheck into your bank account |
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Property Tax |
A tax on the value of real estate |
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W-4 |
A form employment form required by the law that you complete so that your employer can determine the proper amount to withhold from your paycheck |
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A tax paid on assets from someone who is decreased |
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Proportional Taxes |
Taxes that are the same regradless of a person's income |
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Withholding |
A share of w worker's earning paid to the government by the worker and employers |
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Excise Tax |
A tax included in the price of specific goods and services; for eaxmple gasoline |