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Related Flashcards
Related Topics
Cards In This Set
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Property tax
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Collected based on the amount of property you own.
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Sales tax
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Collected based on the amount of items you purchase.
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Income taxes
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Collected based on the amount of taxable income you earn.
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Taxable income
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Income that is taxable.
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Tax
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Amount of money you must pay the government.
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Internal Revenue Service IRS
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Where federal taxes are collected.
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Single
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Unmarried tax payers.
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Married filing jointly or qualifying widower
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Married people who fill out one tax return together or a widower who meets the qualifications outlined by the irs.
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Married filing separately
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Married people who file two separate returns.
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Head of household
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Special filing status for certain unmarried taxpayers who support people in addition to supporting themselves.
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Flat tax
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Proportional tax.
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Proportional tax
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Flat tax
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Progressive tax system
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Tax rate increases as the income increases.
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Tax bracket
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Percent in each line of a return.
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Regressive tax system
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Tax rate decreases as the income decreases
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