Tag: TERM

Tax Evasion A failure to pay or a deliberate underpayment of taxes.

Taxes Required payments of money to governments that are used to provide public goods and services for the benefit of the community as a whole.

Tax Deduction An amount (often a personal or business expense) that reduces income subject to tax.

Tax Cut A reduction in the amount of taxes taken by the government.

Tax Credit A dollar-for-dollar reduction in the tax. Can be deducted directly from taxes owed

Tax Code The official body of tax laws and regulations.

Tax Avoidance An action taken to lessen tax liability and maximize after-tax income.

Taxable interest income Interest income that is subject to income tax. All interest income is taxable unless specifically excluded.

Tariff A tax on products imported from foreign countries.

Support For dependency test purposes, support includes food, clothing, shelter, education, medical and dental care, recreation, and transportation. It also includes welfare, food stamps, and housing provided by the state. Support includes all income, taxable and nontaxable.