Term
|
Definition
| levied on taxable income(deduction, examptions) |
|
|
Term
|
Definition
| adjusted amount of money for inflation each year |
|
|
Term
|
Definition
|
|
Term
|
Definition
| Yearly amount by which spending exceeds revenue |
|
|
Term
|
Definition
|
|
Term
|
Definition
| What is the fraction that an american spends on income taxes? |
|
|
Term
|
Definition
gives federal gov't broad power to set federal taxes
(article 1, section 8, clause 1.) |
|
|
Term
|
Definition
| Congress may not tax any govt function of a state or local gov't. |
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
| total amont made before taxes |
|
|
Term
|
Definition
| total amount of take home pay after bills |
|
|
Term
|
Definition
tax on net income
(amount left over after deductions and cost of doing business) |
|
|
Term
|
Definition
| complicated due to all the deductions allows |
|
|
Term
| churches and charitable foundations |
|
Definition
|
|
Term
|
Definition
| imposed on all assets of the estate before any transfers |
|
|
Term
|
Definition
| limits is 3.5 million at 45% |
|
|
Term
|
Definition
|
|
Term
|
Definition
| limit is 1 m illion at 55% |
|
|
Term
|
Definition
| imposed on making a gift by a living person |
|
|
Term
|
Definition
| levied on the amount that exceeds a yearly per person gift of $13,000 |
|
|
Term
|
Definition
| tax on goods brought into the US |
|
|
Term
|
Definition
| Congress decides what to tax and at what rate |
|
|
Term
|
Definition
| increase rates to have less competition from foreign markets |
|
|
Term
|
Definition
| profit that result from the sale or exchange of a capital asset over its purchase price |
|
|
Term
|
Definition
|
|
Term
|
Definition
| Old Age, Survivors, and Disabilities Insurance |
|
|
Term
|
Definition
|
|
Term
| SS tax percentage paind by employee and employer |
|
Definition
|
|
Term
| self employed SS insurance |
|
Definition
|
|
Term
|
Definition
| based uopm how much you eanred during your working career |
|
|
Term
|
Definition
| earliest someone can retire with benefits |
|
|
Term
|
Definition
|
|
Term
|
Definition
| health insurance plan for people who are 65 or older(or disabled at any age) |
|
|
Term
| percentage paid by employee and employer for medicare |
|
Definition
|
|
Term
|
Definition
|
|
Term
|
Definition
| welfare partof it- health insurance low incomw- |
|
|
Term
|
Definition
| Federal insurance contributions act |
|
|
Term
|
Definition
specifucally controlled by congress and the president as to the amount of $ spent
(environment, education, military) |
|
|
Term
|
Definition
| 80% of all federal spending fall into this category |
|
|
Term
|
Definition
income
estate
sales
CAT
liceanse tax
toll tax
severence tax-products from the earth
user charge-cell phones |
|
|
Term
|
Definition
liceanse tax-dog, hunting, fishing
income tax
user charge
seevrance tax
property tax |
|
|
Term
|
Definition
|
|
Term
|
Definition
| is assessed for its value every 6 years |
|
|
Term
|
Definition
| usually assessed less than the market value (35% of the value) |
|
|
Term
|
Definition
| must be paid by june first of a 5% penalty is imposed |
|
|
Term
| expressed limits on taxes |
|
Definition
| congress can set taxes for public purpose only |
|
|
Term
| expressed limits on taxes |
|
Definition
|
|
Term
| expressed limits on taxes |
|
Definition
| direct tax-paid directly to the gov't by the people |
|
|
