Taxes and Spending Vocab

When taxes are assessed on property, income or goods & services

• Tax Base

• Incidents of a Tax

• Progressive Tax

• Withholding

The person who will ultimately shoulder the burden of the tax

• Incidence of a Tax

• Personal Exemption

• Appropriations Bill

• Deductions

When your employer sends a portion of your paycheck to the government on your behalf to cover your tax burden

• Wittholding

• Deduction

• Exemption

• FICA

A form used to determine how much (if any) the government was overpaid by your employer on your behalf

• Tax Return

• Tax Base

• Incidence of a Tax

• Entitlement

Taxable gross salary, wages, and/or tips minus any deductions and/or exemptions

• Taxable Income

• Personal Exemption

• Entitlement

• Tax Exempt

An amount, specified by the government, a person is allowed to subtract from their gross income

• Personal Exemption

• Withholding

• Deductions

• FICA

Mortgage interest, state taxes and large medical payments are common ____ a person can make to their gross income

• Deductions

• Personal Exemptions

• Withholding

• Entitlements

Taxes we pay to fund Social Security and Medicare

• FICA

• Stopgap Funding

• Appropriations

• Multiplier

People automatically qualify for these social welfare programs if they meet the requirements

• Entitlements

• Deductions

• Tax Exempt

• Fiscal Policy

Nonprofits, charities, and churches may not be taxed

• Tax Exempt

• Deduction

• Withholding

• Tax Base