Income Tax terms starting with R

6 terms

1. Refund An amount paid back because of an overpayment or because of the return of an item previously sold.
2. refundable credit When the amount of a credit is greater than the tax owed, taxpayers can receive a "refund" for some of the unused credit.
3. Regressive tax A regressive or flat income tax system taxes everyone at the same rate, as sales tax does.
4. resources Factors needed to produce goods and services (natural, human, and capital goods).
5. Revenue Revenue is the money you collect for providing a product or service. Revenue is different from earnings, which is what's left of your revenue after…
6. revenue tariff A tax on imported goods levied primarily to generate revenue for the federal government.