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• Money owed to taxpayers when their total tax payments are greater than the total tax. Refunds are received from the government.

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  Cite Definition for Refund

  American Psychological Association (APA)

  Refund. (n.d.). Understanding Taxes Student Glossary. Retrieved June 6, 2023, from website: http://www.expertglossary.com/definition/refund.

  Chicago Manual of Style (CMS)

  Refund. apps.irs.gov. Understanding Taxes Student Glossary. Internal Revenue Service. http://www.expertglossary.com/definition/refund (accessed: June 6, 2023).

  Modern Language Association (MLA)

  "Refund." Understanding Taxes Student Glossary. Internal Revenue Service. 6 June. 2023 http://www.expertglossary.com/definition/refund.

• Browse Related Terms: amount due, deficit, Direct Deposit, inflation, interest, interest income, nonrefundable credit, Refund, refundable credit, tax liability (or total tax bill), taxes, withholding ("pay-as-you-earn" taxation)

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All > Business > Finance > Personal Finance > Income Tax

• When the amount of a credit is greater than the tax owed, taxpayers can receive a "refund" for some of the unused credit.

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  Cite Definition for refundable credit

  American Psychological Association (APA)

  refundable credit. (n.d.). Understanding Taxes Student Glossary. Retrieved June 6, 2023, from website: http://www.expertglossary.com/definition/refundable-credit.

  Chicago Manual of Style (CMS)

  refundable credit. apps.irs.gov. Understanding Taxes Student Glossary. Internal Revenue Service. http://www.expertglossary.com/definition/refundable-credit (accessed: June 6, 2023).

  Modern Language Association (MLA)

  "refundable credit." Understanding Taxes Student Glossary. Internal Revenue Service. 6 June. 2023 http://www.expertglossary.com/definition/refundable-credit.

• Browse Related Terms: amount due, deficit, Direct Deposit, inflation, interest, interest income, nonrefundable credit, Refund, refundable credit, tax liability (or total tax bill), taxes, withholding ("pay-as-you-earn" taxation)

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• A tax that takes a larger percentage of income from low-income groups than from high-income groups.

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  Cite Definition for Regressive tax

  American Psychological Association (APA)

  Regressive tax. (n.d.). Understanding Taxes Student Glossary. Retrieved June 6, 2023, from website: http://www.expertglossary.com/definition/regressive-tax.

  Chicago Manual of Style (CMS)

  Regressive tax. apps.irs.gov. Understanding Taxes Student Glossary. Internal Revenue Service. http://www.expertglossary.com/definition/regressive-tax (accessed: June 6, 2023).

  Modern Language Association (MLA)

  "Regressive tax." Understanding Taxes Student Glossary. Internal Revenue Service. 6 June. 2023 http://www.expertglossary.com/definition/regressive-tax.

• Browse Related Terms: Commission, excise tax, Progressive tax, proportional tax, Regressive tax, sales tax, transaction taxes

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• Factors needed to produce goods and services (natural, human, and capital goods).

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  Cite Definition for resources

  American Psychological Association (APA)

  resources. (n.d.). Understanding Taxes Student Glossary. Retrieved June 6, 2023, from website: http://www.expertglossary.com/definition/resources.

  Chicago Manual of Style (CMS)

  resources. apps.irs.gov. Understanding Taxes Student Glossary. Internal Revenue Service. http://www.expertglossary.com/definition/resources (accessed: June 6, 2023).

  Modern Language Association (MLA)

  "resources." Understanding Taxes Student Glossary. Internal Revenue Service. 6 June. 2023 http://www.expertglossary.com/definition/resources.

• Browse Related Terms: gasoline excise tax, long-distance telephone tax refund, luxury tax, market economy, property taxes, resources, tax shift, telephone tax refund, user fees, user tax

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• The income the nation collects from taxes.

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  Cite Definition for Revenue

  American Psychological Association (APA)

  Revenue. (n.d.). Understanding Taxes Student Glossary. Retrieved June 6, 2023, from website: http://www.expertglossary.com/definition/revenue.

  Chicago Manual of Style (CMS)

  Revenue. apps.irs.gov. Understanding Taxes Student Glossary. Internal Revenue Service. http://www.expertglossary.com/definition/revenue (accessed: June 6, 2023).

  Modern Language Association (MLA)

  "Revenue." Understanding Taxes Student Glossary. Internal Revenue Service. 6 June. 2023 http://www.expertglossary.com/definition/revenue.

• Browse Related Terms: direct tax, indirect tax, informal tax legislation process, Internal Revenue Service (IRS), mass tax, nullification, Revenue, sin tax, tax avoidance, voluntary compliance

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• A tax on imported goods levied primarily to generate revenue for the federal government.

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  Cite Definition for revenue tariff

  American Psychological Association (APA)

  revenue tariff. (n.d.). Understanding Taxes Student Glossary. Retrieved June 6, 2023, from website: http://www.expertglossary.com/definition/revenue-tariff.

  Chicago Manual of Style (CMS)

  revenue tariff. apps.irs.gov. Understanding Taxes Student Glossary. Internal Revenue Service. http://www.expertglossary.com/definition/revenue-tariff (accessed: June 6, 2023).

  Modern Language Association (MLA)

  "revenue tariff." Understanding Taxes Student Glossary. Internal Revenue Service. 6 June. 2023 http://www.expertglossary.com/definition/revenue-tariff.

• Browse Related Terms: federal income tax, infant industry, protective tariff, public goods and services, revenue tariff, tariff, tax code, Tax credit, tax cut, tax evasion