Instructions: Identify the Following Terms

question 56

Short Answer

Instructions: Identify the following terms.
Indira Gandhi

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Definitions:

Income Subsidy

Financial assistance programs provided by governments or institutions to individuals or groups to help supplement their income, typically aimed at the needy or to promote certain economic activities.

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.