To pass this unit, please study the 17 vocabulary words below.
- applicable
- bracket
- burden
- generate
- import duty
- in effect
- organ
- per annum
- progressive tax
- raw materials
- regressive tax
- retail
- subject to
- tariff
- tax break
- tax reduction
- wholesale
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relating to, or having to do with
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"VAT is not applicable on education or training services."
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a set group with fixed upper and lower limits
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"As he earns over $400,000 a year, he is in the highest tax bracket and pays 39.6% income tax rate."
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a large amount of money that you owe, or the responsibility to pay this money
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"Although he hired a tax specialist, his total tax burden couldn't be reduced."
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to produce or create something
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"The company generated profits of 8 million despite the global recession."
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a tax placed on goods coming into one country from another
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"The US imposed a 35% import duty on tires from China to try and protect US motor workers jobs."
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to be active, or being used
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"There are over 14 different taxes in effect in the US at the moment."
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an organization that works as part of a larger organization
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"Contacting the IRS can be difficult as it is often unclear which organ you should be dealing with."
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annual or each year
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"His new salary is $42,000 per annum."
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a tax in which the rate of tax is higher on larger sums of money
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"The progressive system levies more tax against people with higher earnings."
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a substance in its natural state which is used to make something in an industrial process
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"The company imports most of the raw materials from China as it is cheaper."
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a tax in which poor people pay a higher percentage of their income than rich people
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"Under regressive tax systems everyone pays the same rate up to a certain limit, regardless of their
earnings."
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the activity of selling goods to the general public
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"The city has several shopping malls with a large retail industry."
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to have or experience a particular thing (usually unpleasant)
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"All business transactions are subject to taxes."
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a tax on goods coming into or out of a country
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"Tariffs are commonly used in times of economic downturn to protect domestic industries."
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a legal means to pay less in taxes
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"A lot of businesses make charitable donations and take advantage of the tax breaks connected to them."
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an amount of money, not calculated on personal situation, that reduces tax payable
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"After the tax reduction was applied, he was left with a tax bill of only $1200."
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the activity of selling goods in large amounts to businesses which then sell on to the public
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"goods sold from one business to another, specifically for resale to public consumers"