Income Tax Preparation - P

Public goods and services

admin — Tue, 12 Oct 2010 03:47:37 +0000

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.

Payroll taxes

admin — Tue, 12 Oct 2010 03:47:37 +0000

Include Social Security and Medicare taxes.

Personal exemption

admin — Tue, 12 Oct 2010 03:47:37 +0000

Can be claimed for the taxpayer and spouse. Each personal exemption reduces the income subject to tax by the exemption amount.

Personal Identification Number (PIN)

admin — Tue, 12 Oct 2010 03:47:37 +0000

Allow taxpayers to "sign" their tax returns electronically. The PIN, a five-digit self-selected number, ensures that electronically submitted tax returns are authentic.

Progressive tax

admin — Tue, 12 Oct 2010 03:47:37 +0000

A tax that takes a larger percentage of income from high-income groups than from low-income groups.

Property taxes

admin — Tue, 12 Oct 2010 03:47:37 +0000

Taxes on property, especially real estate, but also can be on boats, automobiles (often paid along with license fees), recreational vehicles, and business inventories.

Proportional tax

admin — Tue, 12 Oct 2010 03:47:37 +0000

A tax that takes the same percentage of income from all income groups.

Protective tariff

admin — Tue, 12 Oct 2010 03:47:37 +0000

A tax levied on imported goods with the purpose of reducing domestic consumption of foreign-produced goods.