Taxable Income Definition Economics Quizlet

Learn tax economics with free interactive flashcards.

Taxable income definition economics quizlet. Taxable income is the amount of a person s gross income that the government deems subject to taxes. A tax for which the percentage of income paid in taxes decreases as income increases payroll withholding system a system that requires an employer to automatically deduct income taxes from an employee s paycheck and send it directly to the government. An income tax deduction the amount of which is predetermined by the irs. The idea that taxes should be levied on a person according to.

Taxable income consists of both earned and unearned income. Social welfare program with specific eligibility. Gift tax a tax on money or property that one living person gives to another. The way income is divided among people in a nation.

Fees for the support of government required to be paid by peop. An irs guideline for calculating ones tax liability based on income and marital status. Economics chapter 14 taxes. Federal governments use of taxing and spending to affect the economy.

Actions taken by the federal government by choice to correct economic instability. Terms in this set 40 tax. It is used to calculate ones taxable income. Log in sign up.

Irs defined expenses that can be deducted from a persons income to reduce his. Tax withholding money from paychecks 6 2 employer employee 12 4 self employed. The idea that those who receive the benefits of goods and serv. An income tax is a tax imposed on individuals or entities taxpayers that varies with respective income or profits taxable income.

Income tax generally is computed as the product of a tax rate times taxable income. A sum of money allotted or granted for a particular purpose a. Money withheld from paycheck for use by the state 4 35 social security tax. Choose from 500 different sets of tax economics flashcards on quizlet.

Proportional regressive definition. A tax on personal income for money for the federal government. State income tax. The quality of being fair and impartial.

Tax imposed on individuals or entities taxpayers that varies with respective income or profits taxable income. Tax based on a corporations profits. Start studying economics chapter 14 taxes. Gross income adjustments deductions exemptions.

A tax on the estate or total value of the money and property of a person who has died.