Income Tax terms starting with V

3 terms

1. vertical equity The concept that people in different income groups should pay different rates of taxes or different percentages of their incomes as taxes.
2. voluntary compliance A system of compliance that relies on individual citizens to report their income freely and voluntarily, calculate their tax liability correctly, and file…
3. Volunteer Income Tax Assistance (VITA) This provides free income tax return preparation for certain taxpayers. The VITA program assists taxpayers who have limited or moderate incomes, have…