Taxes and Spending Vocab

Property, Goods & Services, Income

• Tax Base

• Tax Return

• Personal Exemption

• Entitlements

The person who will ultimately pay for a tax

• Incidents of a Tax

• Tax Return

• Tax Exempt

• Multiplier Effect

An employer keeps part of your income for tax purposes

• Withholding

• Personal Exemption

• Deductions

• Tax Exempt

A government form used in conjunction with a W2 to determine how much you owe or will get returned by the government

• Tax Return

• Tax Exempt

• Tax Base

• Incidents of a Tax

Income minus exemptions and deductions

• Taxable Income

• Tax Base

• Incidence of a Tax

• Tax Return

Taxes don't apply

• Tax Exempt

• Tax Deduction

• Incidence of a Tax

• Tax Return

Appropriates used while budgeting talks continue. This allows the government to prevent a shut down

• Stopgap Funding

• Appropriations

• Entitlements

• FICA

An amount a taxpayer subtracts based on their income (either for self, spouse, and/or dependents)

• Personal exemption

• Deductions

• Tax Exempt

• Tax Return

When the government spends money via fiscal policy, it increases in values as it moves through the economy

• Multiplier Effect

• Crowding Out Effect

• Budget Surplus

• Budget Deficit

The combined amount the government owes bondholders

• National Debt

• Deficit

• Fiscal Policy

• Monetary Policy