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A tax that takes a larger percentage from low-income earners than from high-income earners, often seen in sales taxes and excise taxes.

Tax on the profit from the sale of assets such as stocks, bonds, or real estate, which is considered taxable income.

The legal use of tax laws to reduce one's tax burden. Unlike tax evasion, it is within the boundaries of the law and often involves sophisticated financial planning.

A tax on the sale or production for sale of specific goods within a country, often included in the price of products such as gasoline, tobacco, and alcohol.

A tax based on the assessed value of an item, such as real estate or property, often used with property taxes.

Tax withheld from an employee's wages and paid directly to the government by the employer, as an advance payment on the employee's tax liability.

The return of excess amounts of income tax that a taxpayer has paid to the state or federal government throughout the past year, typically through withholding.

A taxation system with a constant tax rate applied to all taxpayers regardless of income level, without tiered rates.

A refundable tax credit for low- to moderate-income working individuals and families, which reduces the amount of tax owed and may also provide a refund.

Specific expenses that taxpayers can subtract from their gross income to reduce taxable income and therefore tax liability.

The illegal act of not paying taxes that are legally due by hiding income, inflating deductions, or using other illicit means to reduce tax liability.

A parallel tax system designed to ensure that high-income individuals and corporations pay at least a minimum amount of tax, regardless of deductions, credits, or exemptions.

A tax system in which the tax rate increases as the taxable amount increases, often used in income tax systems to distribute the tax burden more heavily on those who can afford to pay more.

The total amount of income used as the basis to calculate tax liability; it includes income from wages, investments, and other sources after deductions and exemptions.

The 12-month period for which tax is calculated. Different countries may have different tax years; in the U.S., it is generally the calendar year for individuals.

Dollar-for-dollar reductions in the tax liability; they directly decrease tax payments rather than taxable income.

An accounting method allowing a taxpayer to recover the cost of property over the time it is used; it reduces taxable income as it is a non-cash expense.

A tax imposed on individuals who inherit money or property from a deceased person, varying based on the value of the inheritance and the beneficiary's relationship to the deceased.

Taxes under the Federal Insurance Contributions Act (FICA) that fund Social Security and Medicare programs, paid by both employees and employers.