Module 1: Introduction to the Personal and Corporate Taxes - Lesson Summary | en - 634 - 45019
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A tax deduction is a reduction of the income that is subject to tax.

A tax credit is a sum deducted from the total amount of tax a taxpayer owes to the state.

The Internal Revenue Service is the U.S. government agency responsible for tax collection and tax law enforcement.

In the U.S. every taxpayer is responsible for paying the higher of the regular tax or the alternative minimum tax.

The estate tax in the U.S. is a tax imposed on the transfer of the taxable estate of a deceased person.
Inheritance tax is the alternative name is given to an estate tax.

Winston Churchill once said that estate tax is "a certain corrective against the development of a race of idle rich"

Tax brackets are the divisions at which tax rates change in a progressive tax system.

In the U.S. FICA stands for Federal Insurance Contributions Act tax.

Social security and Medicare are part of the Federal Insurance Contributions Act tax.

Both employers and employees pay the Federal Insurance Contributions Act tax.

In the U.S. some taxpayers pay both federal and state taxes depending on the state they live in.

In the U.S. 'marriage penalty' refers to the higher taxes required from some married couples filing one tax return that would not be required by two otherwise identical single people with exactly the same income.

A corporation is a legal entity that can 'act' like a person.

Limited liability and share ownership are two reasons why corporations exist.

In this U.S. double-taxation applies to C-corporations.

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