Tax Vocabulary

Front

This type of tax is levied by the government directly on income

Back

Income Tax

Front

This type of tax is levied by the government on profit from the sale of property or an investment

Back

Capital Gains Tax

Front

This type of tax is on sales or the receipt of sales

Back

Sales Tax

Front

This type of tax is levied by local governments and paid by real estate owners on the assessed value of their real estate

Back

Property Tax

Front

This type of tax is levied by the government on the value of a deceased person's estate before it is distributed to the heirs

Back

Estate Tax

Front

With this type of tax, the amount of taxes paid increases with income

Back

Progressive Tax

Front

With this type of tax, the average tax burden is higher on people with lower income

Back

regressive tax

Front

This type of tax system requires the same percentage of income from every taxpayer, regardless of income

Back

Proportional Tax

Front

Used by U.S. taxpayers to file an annual income tax return

Back

1040 Form

Front

A form that shows non-employment income earned during the year, such as income earned by freelancers and independent contractors.

Back

1099 Form