Financial Lit C6 Income Tax

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tax

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an amount of money required to be paid to the government

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sales tax

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a tax on things you buy

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income tax

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a tax on your earnings

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property tax

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a tax on something you own (for example, land or a house)

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Internal Revenue Service (IRS)

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part of the U.S. Department of Treasury; responsible for income taxes

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tax return

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an annual report of your taxable income filed with the IRS

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filing status

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a description of your marital and family status reported when filing your income tax return

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constraint

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in math, a limitation on a set of outcomes.

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flat tax system

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tax rates are the same for all; also called proportional tax

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progressive tax system

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tax rates increase as income increases