Regressive Tax
All people pay same amount, but tax percentage declines as tax base rises
Excise Tax
levied on specific commodities, such as tobacco, tires, liquor
Tariff
Tax on items coming into a country
Quota
a limit on the quantity of a product that may enter a county
Property Tax
tax on real estate or personal property, largest source of revenue for most local governments
Personal Property Tax
tax on such items as furniture, machinery, equipment
Estate Tax
levied by the fed.gov. on property transferred from deceased people to heirs
Inheritance Tax
paid by the heir who receives property from a deceased person's estate
Gift Tax
gift of money or property to be paid by the giver, not the receiver, of the gift
Employees's Earnings
record containing all of the payroll information related to an employee
Accumulated Earnings
employee's year -to -date gross earnings
Form W2
form given to employees containing summary of income and taxes withheld for the year.
FUTA or SUTA
the percentage of employees' gross earnings paid by employers for unemployment
Federal Tax Deposit Coupon(Form 8109)
Form prepared by employer to send in FICA and federal income taxes to the federal government
EFTPS
a means of transferring federal taxes electronically to the U.S. Government
Form 940
used to report the employer's unemployment taxes(fed. & state)
Form 941
used by the employer to report quarterly taxes consisting of both FICA and federal
VITA Taxation Program
Volunteer Income Assistance Program for low-income earners,senior citizens, and disabled individuals
Sales Tax
taxes on a variety of goods and services collected at the time of the sale
Progressive Tax
one in which the more a person earns, the greater the percentage of tax the person pays