Tag: TERM

Revenue Tariff A tax on imported goods levied primarily to generate revenue for the federal government.

Revenue The income the nation collects from taxes.

Resources Factors needed to produce goods and services (natural, human, and capital goods).

Regressive Tax A tax that takes a larger percentage of income from low-income groups than from high-income groups.

Refundable Credit When the amount of a credit is greater than the tax owed, taxpayers can receive a “refund” for some of the unused credit.

Refund Money owed to taxpayers when their total tax payments are greater than the total tax. Refunds are received from the government.

Qualifying Widow(er) filing status If your spouse died in 2010, you can use married filing jointly as your filing status for 2010 if you otherwise qualify to use that status. The year of death is the last year for which you can file jointly with your deceased spouse. You may be eligible to use qualifying… Continue reading Qualifying Widow(er) filing status

Qualifying Relative There are tests that must be met to be a qualifying relative, they are: (1) not a qualifying child, (2) member of household or relationship, (3) citizenship or residency, (4) gross income, (5) support, (6) joint return, and (7) dependent taxpayer.

Qualifying Child To be a qualifying child, the dependent must meet eight tests: (1) relationship, (2) age, (3) residence, (4) support, (5) citizenship or residency, (6) joint return, (7) qualifying child of more than one person, and (8) dependent taxpayer.

Public Goods and Services Benefits that cannot be withheld from those who don’t pay for them, and benefits that may be “consumed” by one person without reducing the amount of the product available for others. Examples include national defense, streetlights, and roads and highways. Public services include welfare programs, law enforcement, and monitoring and regulating… Continue reading Public Goods and Services