Tax Vocabulary Words:
1. Revenue: money collected by governments to provide goods and services to the public.
2. Tax: required payments of money to governments used to provide public goods and services.
3. Tax liability: the amount of tax that you owe.
4. Progressive tax: tax where the rate increases as income increases.
5. Standard deduction: an amount fixed by law and based on filing status that can be subtracted from your total income before tax is determined.
6. E - filing: filing your tax return via the internet (electronic filing)
7. Subsidies: government payment made to encourage or protect a certain economic activity.