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Match the example to the term or phrase. There is one best set of answers.
-cultural complex
Tax Liability
The total amount of tax owed to the government after all deductions, credits, and prepayments have been taken into account.
Tax Refund
The amount of money returned to a taxpayer by the government when the taxpayer's total tax payments exceed their tax liability for a given year.
Proportional Tax
A tax system where the tax rate remains constant regardless of the amount subject to tax.
Federal Income Tax
A tax levied by the federal government on the annual earnings of individuals, corporations, trusts, and other legal entities.
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