P
Payroll taxes
Include Social Security and Medicare taxes.
Source: Understanding Taxes - Glossary - irs.gov
Personal exemption
Can be claimed for the taxpayer and spouse. Each personal exemption reduces the income subject to tax by the exemption amount.
Source: Understanding Taxes - Glossary - irs.gov
Personal Identification Number (PIN)
Allow taxpayers to "sign" their tax returns electronically. The PIN, a five-digit self-selected number, ensures that electronically submitted tax returns are authentic.
Source: Understanding Taxes - Glossary - irs.gov
Progressive tax
A tax that takes a larger percentage of income from high-income groups than from low-income groups.
Source: Understanding Taxes - Glossary - irs.gov
Property taxes
Taxes on property, especially real estate, but also can be on boats, automobiles (often paid along with license fees), recreational vehicles, and business inventories.
Source: Understanding Taxes - Glossary - irs.gov
Proportional tax
A tax that takes the same percentage of income from all income groups.
Source: Understanding Taxes - Glossary - irs.gov
Protective tariff
A tax levied on imported goods with the purpose of reducing domestic consumption of foreign-produced goods.
Source: Understanding Taxes - Glossary - irs.gov
Public goods and services
Benefits that cannot be withheld from those who don't pay for them, and benefits that may be "consumed" by one person without reducing the amount of the product available for others.
Source: Understanding Taxes - Glossary - irs.gov
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