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