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Personal Finance Taxes Vocab
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Tax
Money paid to the government for services
Income Tax
Tax paid on earnings
Federal Income Tax
Money paid to the Federal government on earnings
Graduated (Progressive) Income Tax System
The more you make the higher your income tax is
State Tax
A tax for CT
Ex. Sales Tax
Sales Tax
Taxes imposed on individuals who shop and do business
Flat Tax
One constant rate
Local Taxes
Taxes paid to towns and cities
Property Tax
Taxes paid on things that you own
Ex. House, car etc.
Payroll Deductions
Subtractions that employers take out of employees paychecks
Exemptions
Taxes you don't have to pay due to restrictions
Ex. Kids, Spouse
Regular Pay
Up to 40 hours of work per week
Overtime Pay
Over 40 hours of work per week
1.5 times regular pay
2 times regular pay on holiday and Sundays
Author
Anonymous
ID
104021
Card Set
Personal Finance Taxes Vocab
Description
Personal Finance Taxes Vocab
Updated
9/24/2011, 9:09:24 PM
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