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Related Flashcards
Cards In This Set
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Tax
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A mandatory payment to a gov
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Revenue
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Gov income fr taxes and other sources
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Tax base
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Form of wealth (income, property, goods, or services) that is subject to taxes
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Individual income tax
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Based on an individual's income fr all sources
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Corporate income tax
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Based on a corporation's profits
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Sales tax
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Based on the value of goods or services at the time of sale
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Property tax
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Based on the value of an individual's or a business's assests
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Proportional tax (flat tax)
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Takes the same % of taxation from all taxpayers
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Progressive tax
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Places a higher percentage rate of taxation on high-income ppl
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Regressive taxx
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Takes larger % of income fr low-income ppl
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Tax incentive
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The use of taxes to influence economic behavior
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Incidence of a tax
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The final burden of the tax
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Withholding
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$ taken fr pay bf the worker receives it
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Taxable income
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The portion of income subject to taxation
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Tax return
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Form used to report income and taxes owed to gov
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