Tax/Tax returns Vocabulary

The total income received from an economic plan

• revenue

• income tax

• property tax

• sales tax

A tax paid on personal income

• revenue

• income tax

• property tax

• sales tax

A tax on the value of land, buildings, cars, and other kinds of personal assets

• property tax

• sales tax

• withholding

• income tax

Amounts removed from gross income to pay for taxes and other expenses

• revenue

• income tax

• withholding

• sales tax

A tax collected on the purchase of goods and services

• income tax

• property tax

• sales tax

• withholding

An expense incurred by the taxpayer that can be claimed to potentially reduce the amount paid toward taxes

• tax credit

• tax deduction

• tax exemption

• tax return

An amount of income per person that is free from tax

• 1040

• tax credit

• tax deduction

• tax exemption

A dollar-for dollar tax reduction that can be applied to the amount in taxes for which a person is responsible

• 1040

• tax credit

• tax deduction

• tax exemption

A report filed with the local or national tax authority to determine the amount an individual contributes to taxes

• 1040

• w-2

• w-4

• tax return

A branch of the federal government that oversees the collection of taxes

• judicial

• IRS

• executive

• congress