Personal Finance Taxes Vocab

  1. Tax
    Money paid to the government for services
  2. Income Tax
    Tax paid on earnings
  3. Federal Income Tax
    Money paid to the Federal government on earnings
  4. Graduated (Progressive) Income Tax System
    The more you make the higher your income tax is
  5. State Tax
    • A tax for CT
    • Ex. Sales Tax
  6. Sales Tax
    Taxes imposed on individuals who shop and do business
  7. Flat Tax
    One constant rate
  8. Local Taxes
    Taxes paid to towns and cities
  9. Property Tax
    • Taxes paid on things that you own
    • Ex. House, car etc.
  10. Payroll Deductions
    Subtractions that employers take out of employees paychecks
  11. Exemptions
    • Taxes you don't have to pay due to restrictions
    • Ex. Kids, Spouse
  12. Regular Pay
    Up to 40 hours of work per week
  13. Overtime Pay
    • Over 40 hours of work per week
    • 1.5 times regular pay
    • 2 times regular pay on holiday and Sundays
Card Set
Personal Finance Taxes Vocab
Personal Finance Taxes Vocab