Nonrefundable Credit When the amount of a credit is greater than the tax owed, taxpayers can only reduce their tax…
Medicare Tax Used to provide medical benefits for certain individuals when they reach age 65. Workers, retired workers, and the…
Married Filing Separate filing status You must be married. This method may benefit you if you want to be responsible…
Married Filing Joint filing status You are married and both you and your spouse agree to file a joint return.…
Market Economy An economic system based on private enterprise that rests upon three basic freedoms: freedom of the consumer to…
Luxury Tax A tax paid on expensive goods and services considered by the government to be nonessential.
Long-Distance Telephone Tax Refund Taxpayers are eligible to file for refunds of all excise tax they have paid on long-distance…