• Sales Tax - a tax on things bought/services a person purchases.

• Property Tax - a tax on the value of a home, land or other item someone owns.

• Income Tax - a tax on the money a person makes.

GROSS V. NET PAY

• Gross Pay - Before taxes taken

• Net Pay - After taxes taken out

Tax Forms + Vocab

• 1040EZ - No Dependents/100k<

• 1040A - Dependents/ 100<

• 1040 - 100k>

• Child Tax Credit - $ per child

• Earned Income Tax Credit - $ for low income

• Itemized Deductions - reduce tax bill

• Dependents - people you can claim