Topic 12 SG Flashcards
(18 cards)
Mortgage
kind of loan you can use to help you buy your property / house
Interest
A charge for borrowed money , generally a percentage of the amount borrowed
Capital Gains Tax
Levied on profits made from the sale of assets like stocks or real estate
Estate Tax
levy imposed on the assets of one who dies
Surplus
more income than spending
Public Debt
all of the money borrowed by the govt and not yet repaid , plus the accrued interest on that money
Property tax dates
Dec 10th and April 10th
V.A.T.
a consumption tax assessed on the value added in each production stage of a good or service
Custom duty
tax on goods brought into the U.S. from abroad , aka tariffs , import, duties or imposts
Fed Income Tax due date
April 15 to avoid penalties and interest
Largest source of $ for federal govt
Individual income taxes
Gift tax ? Limit?
The tax on money or property that one living person or corporate gives to another
19,000 per person per calendar year
Déficit
yearly shortfall between revenue and spending
Individual Income tax
levied on the wages, salaries , investments, or other forms of income an individual or household earns
Big 3 budget expenditures? 4th?
Social Security, Health( Medicaid / Medicare ), and national defense
4th: Net interest on national debt
Entitlement
a benefit that federal law says must be paid to all those who are eligible: Medicare , EBT & Veterans’ pensions
Tax return v Tax refund
- Tax Return: A form you fill out to report your income and taxes to the government.
- Tax Refund: The money you get back if you paid too much in taxes.
Progressive tax
Type of tax that takes a higher percentage from high income groups than from lower-income groups
