Examlex
On a test comprised of constructed response items,it is important to consider:
After-Tax Income
The amount of net income left after all federal, state, and withholding taxes have been deducted from an individual's earnings.
Tax Liability
The total amount of taxes owed by an individual or a corporation to the tax authorities.
Negative Income Tax
A proposed system of social security that guarantees a minimum income to all, where those earning below a certain amount receive supplemental pay from the government instead of paying taxes.
Income Subsidy
An income subsidy is a government-provided financial assistance program intended to boost an individual's income to a level sufficient for meeting basic living standards.
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