2. Deduction: reduction of income that is able to be taxed and is commonly a result of expenses
3. Exemption: amount that taxpayers can claim for themselves, their spouses, and eligible dependents
4. Refund: money owed to taxpayers when their total tax payments are greater than the total tax. Refunds are received from the government.
5. Revenue: the income the nation collects from taxes.
6. Tariff: a tax on products imported from foreign countries.
7. Investment income: includes taxable and tax - exempt interest, dividends and capital gains net income
8. Tax evasion: A failure to pay or a deliberate underpayment of taxes.
9. Amount due: money that taxpayers must pay to the government when the total tax is greater than their total tax payments
10. Deficit: the result of the government taking in less money than it spends.
11. Tax liability
The amount of tax that must be paid.
12. Bonus: Compensation received by an employee for services performed. A bonus is given in addition to an employee's usual compensation.
13. Income taxes: Taxes on income, both earned (salaries, wages, tips, commissions) and unearned (interest, dividends). Income taxes can be levied on both individuals (personal income taxes) and businesses (business and corporate income taxes).
14. Luxury tax: A tax paid on expensive goods and services considered by the government to be nonessential.
15. Salary: Compensation received by an employee for services performed. A salary is a fixed sum paid for a specific period of time worked, such as weekly or monthly.
Doubts on this article