01:220:110 Study Guide - Final Guide: Standard Deduction, 401(K), Tax Deduction
21 Dec 2016
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Economics 110 - personal finance and decision making. Taxes on purchases: sales tax, excise tax - tax imposed on specific goods and services, such as alcohol, gasoline, cigarettes, tires, and air travel. Taxes on property: real estate property tax, personal property tax - automobiles, boats, furniture, and farm equipment. Taxes on wealth: estate tax - imposed on the value of a person"s property at the time of death, inheritance tax - tax levied on the value of property bequeathed by a deceased person. Taxes on earnings: social security - for elderly, survivors, and disabled, income taxes, calculate taxable income. Types of income: taxable income - the net amount of income, after allowable deductions, on which income tax is computed. Earned income - money received for personal effort (wages, salaries, commission, fees, tips, bonuses) Investment income - money received in the form of dividends, interest, or rent from investments.
