Tax Vocabulary

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

• Income Tax

• Capital Gains Tax

• Sales Tax

• Property Tax

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

• Income Tax

• Sales Tax

• Capital Gains Tax

• Property Tax

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

• Income Tax

• Sales Tax

• Capital Gains Tax

• Propety Tax

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

• Income Tax

• Sales Tax

• Capital Gains Tax

• Property Tax

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

• Capital Gains Tax

• Income Tax

• Estate Tax

• Property Tax

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

• Estate Tax

• Progressive Tax

• Regressive Tax

• Proportional Tax

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

• Estate tax

• progressive tax

• regressive tax

• proportional tax

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

• Capital Gains Tax

• Proportional Tax

• Regressive Tax

• Estate Tax

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

• W-2 Form

• I-9 Form

• 1099 Form

• 1040 Form

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

• 1040 Form

• W-2

• I-9

• 1099 Form