Taxes vocab 90-112 (24)

Front

The money you have to pay to the government based on how much money you earn from working or other sources.

Back

Income Tax

Front

a tax on sales or on the receipts from sales..

Back

Sales Tax

Front

A tax on the value of property, like a house or land, that is paid to local governments.

Back

Property Tax

Front

Taxes that are collected by the national government to fund federal programs, services, and operations.

Back

Federal Tax

Front

Taxes collected by individual states to fund state government programs, such as schools and transportation.

Back

State Tax

Front

An expense that you can subtract from your income before calculating the amount of tax you owe, which can lower your tax bill.

Back

Tax Deduction

Front

A direct reduction in the amount of tax you owe; some tax credits are refundable, meaning you can get money back even if you don’t owe any tax.

Back

Tax Credit

Front

The portion of your income that is subject to income tax, after deductions and exemptions.

Back

Taxable Income

Front

A form you fill out to report your income, expenses, and other tax-related information to the government, and to calculate whether you owe taxes or are owed a refund.

Back

Tax Return

Front

The money you get back from the government if you have paid more taxes than you owe throughout the year.

Back

Tax Refund