Income Taxes Taxes on income, both earned (salaries, wages, tips, commissions) and unearned (interest, dividends). Income taxes can be levied…
Horizontal Equity The concept that people in the same income group should be taxed at the same rate. "Equals should…
Head of Household Filing Status You must meet the following requirements: 1. You are unmarried or considered unmarried on the…
Gross Income Money, goods, services, and property a person receives that must be reported on a tax return. Includes unemployment…
Gasoline Excise Tax An excise tax paid by consumers when they purchase gasoline. The tax covers the manufacture, sale, and…
Form W-4, Employee's Withholding Allowance Certificate Completed by the employee and used by the employer to determine the amount of…
Formal Tax Legislation Process This is another term for a proportional tax.
Financial Records Spending and income records and items to keep for tax purposes, including paycheck stubs, statements of interest or…
Filing Status Determines the rate at which income is taxed. The five filing statuses are: single, married filing a joint…