tax return		a charge levied on goods brought in from other countries
sin tax		a tax on tagible and intangible posessions such as real estate
regressive tax		a reduction in business taxes that are tied to investment in new plants anf equipment
customs duty		the belief that people should be taxed according to their ability to pay
capital gains		the tax levied on both employers and employee's to pay for Social Security and Medicare
sales tax		the tax a corperation profitspays on its
payroll withholding system		imposes the same percentage rate of taxation on everyone
marginal tax rate		service
ability to pay principle of taxation		tax on the value added added at every stage of the production process
accelerated depreciation		exceptions or oversights in the tax law that allows some people and businesses to avoid paying taxes
average tax rate		tax on wages and salaries to finance Social Security and medicare costs
value added tax		larger than normal depreciation charges
surcharge		charges levied for the use of a good or sevice
corporate income tax		the branch of the US Treasury Dept. in charge of collecting taxes
gift tax		funds collected by one level of goverment that are distributed to anothe level of goevenment for expenditures
indexing		the summery statement attached to a paycheck that summerizes income
tax assessor		a tax on the manufacture or sale of selected items
incidence of a tax		the personal income rate that applies whenever the amount of taxes paid falls below some designated level
payroll withholding statement		the final burden of the tax
user fees		the person who assigns value to property for tax purpose
excise tax		total taxable income divided by the total income
investment tax credit		a general tax levied on most consumer purchases
Medicare		a relatively high tax designed to raise revenue and reduce consumption of a socially undesirable product such as liquor or tobacco
individual income tax		an annual report to the IRS summerizing total income
flat tax		the tax rate that applies to the next dollar of taxable income
proportional tax		a tax on donations of mony or wealth and is paid by the person who makes the gift
property tax		profits from the sale of an asset held for 12 months
tax loopholes		the tax on people's earnings
intergovernemtal revenue		a tax that imposes a higher percentage rate of taxation on low incomes than on high incomes
progressive tax		a system that requires an employer to automatically deductincome taxes from an employee's paycheck and send it dirctly to the government
luxury good		adjustment of tax brackets to offset the effectsof inflation
benefit principle of taxation		belief that taxes should be paid according to benefits received regardless of benefits
FICA		a tax that imposes a higher percentage rate of taxation on persons with higher incomes
alternative minimum tax		additional tax above and beyond the base rate
Internal Revenue Service		a federal health-care program available to all senior citizens
payroll taxes		a proportional tax on individual income after a specified threshold has been reached