Progressive Tax

Net Income

Excess of total revenues over total expenses. Also called net earnings or net profit.

Payroll Tax

tax on wages and salaries to finance Social Security and Medicare costs

Seigniorage

the difference between the face value of money and the cost of supplying it; the "profit" from issuing money

Excise Tax

Consumer tax on a specific kind of merchandise, such as tobacco.

Taxable income

income on which tax must be paid; total income minus exemptions and deductions

Entitlement

A claim for government funds that cannot be abridged without violating the rights of the claimant; for example, social security benefits or payments on a contract.

Deficit

A deficiency or lack of something, , An excess of federal expenditures over federal revenues.

Regressive Tax

A tax for which the percentage of income paid in taxes decreases as income increases

Progressive Tax

A tax for which the percentage of income paid in taxes increases as income increases

Estate Tax

A tax on the estate, or total value of the money and property, of a person who has died

Continuing Resolution

A temporary funding law that Congress passes when an appropriations bill has not been decided by the beginning of the new fiscal year on October 1.; Emergency Budget

Gift Tax

a tax imposed on transfers of property by gift during the lifetime of the giver

Custom Duty

a tax that is collected on goods that are taken into or out of a country

Public Debt

all of the money borrowed by the government and not yet repaid, plus the accrued interest on that money; also called the national debt or federal debt

Tax Return

an annual report to the IRS summarizing total income, deductions, and the taxes withheld by employers