Taxes and Spending Vocab

Front

Property, Goods & Services, Income

Back

Tax Base

Front

Who ultimately pays a tax?

Back

Incidents of a Tax

Front

Employer retains part of income for taxes

Back

Withholding

Front

Government form used with W2 to determine tax owed or refund.

Back

Tax Return

Front

Income minus exemptions and deductions

Back

Taxable Income

Front

Taxes don't apply

Back

Tax Exempt

Front

Appropriates used while budgeting talks to prevent a shutdown.

Back

Stopgap Funding

Front

Amount a taxpayer subtracts based on income (self, spouse, dependents)

Back

Personal exemption

Front

Govt spending via fiscal policy increases in value as it moves through the economy.

Back

Multiplier Effect

Front

Government's total debt to bondholders

Back

National Debt