Application of 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

What is the term for the financial charge imposed by the government on Michael's earnings?

Back

Income Tax

Front

What type of tax is applied to the sales or the receipts from sales in a small business?

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

Which taxes are collected by the national government to fund federal programs, services, and operations? (Options: Income Tax, Sales Tax, Property Tax, Federal Tax)

Back

Federal Tax

Front

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

Back

State Tax

Front

What is the term for an allowable expense that reduces your overall taxable income, potentially decreasing the amount of tax you owe?

Back

Tax Deduction

Front

What expense can Priya subtract from her income before calculating the amount of tax she owes to lower her tax bill? Options: State Tax, Tax Deduction, Tax Credit, Taxable Income

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

What is a financial benefit that directly decreases your tax liability and can sometimes result in a payment to you even if no taxes are owed?

Back

Tax Credit