chapter 2 and 3 consumers

chapter 2 and 3 consumers

Term Definition
Audit An examination of income tax returns by the IRS
Benefits Forms of employer compensation in addition to pay.
Dividends Money paid to stockholders from the corporation's earnings.
Exemption An amount you may subtract from your income for each person who depends on your income to live.
Filing Status Your tax-filing group based on your marital status as of the last day of the tax year.
Gross Pay The total amount an employee earns before deductions are subtracted.
Net Pay The amount left after all deductions are taken from an employee's gross pay.
Progressive Tax A tax that takes a larger share of one's income as the amount of income grows.
Proportional Tax A tax for which the rate stays the same regardless of one's income.
Regressive Tax A tax that takes a smaller share of one's
Salary
Tax Bracket
Tax Credit
Tax Liability
Union
Wage

Leave a Reply

Your email address will not be published. Required fields are marked *