W!SE Taxation

Front

A term that best describes your gross pay after taxes are deducted is: Take-Home Pay, Net Worth, Assets, Total Revenues

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Take-Home Pay

Front

The term that best describes money left over after paying taxes, fixed and other essential living expenses, is:

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Discretionary Income

Front

The amount withheld by an employer from an employee's earnings. Typically includes income taxes, FICA taxes, Group Insurance, Pension Contributions, etc.

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Payroll Deductions

Front

A tax paid directly by an individual or organization to the government (property taxes, income taxes)

Back

Direct Tax

Front

A tax paid to the government by one entity (like a business) in the supply chain, but is passed on to consumers as part of the price for the good/service.

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Indirect Tax

Front

A form of indirect tax, imposed by the government. Also known as a "consumption tax."

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Sales Tax

Front

Also called "sin taxes," taxes paid on the purchase of goods to encourage or discourage societal behaviors.

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Excise Tax

Front

A tax in which the tax rate increases as the taxable amount increases.

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Progressive Tax

Front

A tax in which the tax rate decreases as the amount subject to taxation increases.

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Regressive Tax

Front

An income tax in which the tax rate is fixed, with no change as the taxable amount increases or decreases.

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Proportional Tax